The Philippine stock market found solace in neighboring Japan and finally ended its six-day losing steak Thursday.

The bellwether Philippine Stock Exchange index jumped by 3.14 percent or 152.79 points to 5,017.02, while the broader all-share index rallied by 2.79 percent or 90.57 points to 3,334.33.

Trading volume reached 3.46 billion shares worth 7.1 billion pesos (165.53 million U.S. dollars) with 137 stocks advancing, 32 declining, and 21 unchanged.

All six counters went up, led by the mining and oil sector which jumped by 4.14 percent.

"The local bourse rebounded as investors snapped up bargain stocks caused by worries over the Europe's debt crisis," brokerage DBP-Daiwa Securities, Inc. said.

The brokerage said Japan's better than expected first quarter gross domestic product growth of 4.1 percent boosted investors confidence.

DBP-Daiwa Securities, Inc. added that news that the U.S. Federal Reserve would do more to stimulate the U.S. economy has likewise stimulated investors' interest over the equities.

These two developments helped the equities to rally back to the 5,000 level amidst the uncertainty in Europe, the extended drop of the Dow Jones industrial average index on Wednesday, and the mixed performance of the Asian equities.

Investors however remain selective on what issues to buy.

Top gainer was fastfood giant Jollibee Foods Corp. which posted a gain of 8 percent after disclosing plans to expand in Singapore. Conglomerate JG Summit Holdings, Inc. also gained 5.88 percent after it reported a 77 percent rise in first quarter profits.