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Philippine bourse closes higher on Tuesday

Xinhua, September 20, 2016 Adjust font size:

The Philippine stock market closed positively on Tuesday but most investors remain at the sidelines.

The bellwether Philippine Stock Exchange index rose by 1.27 percent or 95.88 points to 7,671.72, while the broader all-share index gained 0.48 percent or 21.58 points to 4,563.55.

Trading volume reached 1.26 billion shares worth 6.37 billion Philippine pesos(133.54 million U.S. dollars) with 107 stocks advancing, 72 declining, and 48 were unchanged.

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

Online brokerage 2TradeAsia.com said the local equities continue to follow its sideways trail, as most players wait for cues on the direction of the central bank meetings of US and Japan this week.

It noted that there are still fears of US Federal Reserves increasing rates and this will continue to affect sentiments.

"So far, bargain hunting continues to prevail on Tuesday's session," 2TradeAsia.com said.

Stocks in the 30-company index were mostly up. These include Alliance Global Group, Inc., Robinsons Land, Corp., and SM Prime Holdings, Inc. Endit