Roundup: Philippine bourse closes higher on bargain hunting

The Philippine stock market bounced back on Tuesday on back of bargain hunting.

The bellwether Philippine Stock Exchange index rose by 0.67 percent or 42.29 points to 6,330.55, while the broader all-share index climbed by 0.48 percent or 17.49 points to 3,645.

Trading volume reached 1.20 billion shares worth 4.70 billion Philippine pesos(99.43 million U.S. dollars) with 96 stocks advancing, 77 declining, and 45 were unchanged.

Of the six counters, only the holding firm and the mining and oil sectors extended their drops.

"Following the previous day's rout, players who have been staying at the sidelines tested their feet in the water as the market reached bargain levels," online brokerage 2TradeAsia.com said in its daily stock market comment.

It noted that investors however remain apprehensive as China remains a big concern.

The second largest economy, 2TradeAsia.com remains one of the major wildcards for the region.

On top of this, it added that policymakers' action will continue to impact sentiments in Asian equities.

Not all stocks in the 30-company index however were favored. Only Sy companies like SM Investments Corp. and Metropolitan Bank and Trust Co. were among the few that were spared. Endit