Philippine shares up on bargain hunting

Bargain hunting on selected issues lifted the Philippine stock market on Tuesday. The bellwether Philippine Stock Exchange index gained 0.14 percent or 7.53 points to 5,432.32, while the broader all-share index rose by 0.14 percent or 5.06 points to 3,594.96. Trading volume reached 4.99 billion shares worth 5.78 billion pesos (139.68 million U.S. dollars) with 80 stocks advancing, 78 declining, and 48 were unchanged. Three of the six counters slipped. "Overall, trades moved sideways as some seized intra-day rallies to cash-out ahead of the Eid'l Adha holiday," brokerage 2TradeAsia.com said. Buying was on selected stocks only or those which grabbed headlines. These issues include Belle Corp. and Ayala Corp. Ayala Corp., one of Philippines' biggest conglomerate, rose by 1.31 percent after reporting that it considers selling non-core assets to fund projects. 2TradeAsia.com said selected financials and property shares were also favored, especially for those investors who are anticipating that the central bank might possibly adopt another benchmark rate cut. The local central bank will meet on Oct. 25. "Trade selectively," the brokerage advises investors. Other issues that went up include the Bank of the Philippine Islands and SM Investments Corp.