MANILA, Sept. 28 (Xinhua) -- The Philippine stock market closed higher on Wednesday on bargain hunting.
The bellwether Philippine Stock Exchange index added 0.39 percent or 29.62 points to 7,586.96, while the broader all-share index gained 0.48 percent or 21.48 points to 4,517.41.
Trading volume reached 1.44 billion shares worth 6.39 billion Philippine pesos (132.43 million U.S. dollars) with 116 stocks advancing, 64 declining, and 50 were unchanged.
Gains however were not across the board. The industrial sector bucked the trend.
"The local market might reverse some losses on Wednesday but on a modest note as investors are likely to look on stronger-than-expected economic reports from the U.S.," online brokerage 2TradeAsia.com said in its daily stock market comment.
The online brokerage said the 7,500 support mark enticed investors to enter the equities and pick on the battered stocks.
The rally however might be short-lived.
Stocks in the 30-company index were mostly up. These include Ayala Land, Inc., BDO Unibank, Inc., and Metropolitan Bank and Trust Co.
