Bourse closes higher on bargain hunting

MANILA, Philippines (Xinhua) - The stock market bounced back today but mostly due to bargain hunting.

The bellwether Philippine Stock Exchange index rose by 0.75 percent or 58.15 points to 7,789.10, while the broader all-share index added 0.54 percent or 24.50 points to 4,522.09.

Trading volume reached 1.74 billion shares worth P9.30 billion ($208.57 million) with 93 stocks advancing, 85 declining, and 41 were unchanged.

Of the six counters, only the services sector bucked the trend.

"The previous day's low session may also lead to some volatility from bargain hunters who see pullbacks among blue-chips as good points to take a position," online brokerage 2TradeAsia. com said in its daily stock market comment.

Analyst Justino Calaycay of Accord Capital Equities Corp. said local investors rode on a region-wide cheer, attempting to rebuild the month's gains which the preceding two-session slump practically erased.

But, he added that investors are always waiting for the decision of the US Federal Reserves on its interest rates.

2TradeAsia.com echoed the same sentiments. It said the market may continue to consolidate ahead of the Fed's meeting this week, with most bets placed on benchmark rates being hiked sooner than expected.

Stocks in the 30-company index were mostly up. These include Ayala Corp., BDO Unibank, Inc., and Alliance Global Group Inc.