Philippine bourse closes higher despite flat performance overseas

The Philippine stock market opened the week positively despite the flat performance of the U.S. equities.

The bellwether Philippine Stock Exchange index added 0.61 percent or 44.23 points to 7,291.43, while the broader all-share index gained 0.77 percent or 32.68 points to 4,293.52.

Trading volume reached 1.72 billion shares worth 55.50 billion pesos (119.07 million U.S. dollars) with 123 stocks advancing, 69 declining, and 43 were unchanged.

"The market returns to action with little else to hinge on except developments overseas," analyst Justino Calaycay of A&A Securities, Inc. said in his daily stock market comment.

Calaycay said investors can expect the index to continue moving over a narrowing trading band as it waits for stronger catalysts to move prices in either direction.

The market's sensitivity to negative news, he said, remains heightened and positive spins will be met with a hint of caution.

"This will keep the market moving generally sideways particularly at the start of the week. Some liquidation may mark trades approaching the income tax filing deadline on Friday," he said.

Stocks in the 30-company index were mostly up. These include Ayala Corp., SM Prime Holdings, Inc. and heavyweight Philippine Long Distance Telephone Co. Endit