Bourse posts gain on follow-through buying

MANILA, Philippines (Xinhua) - The stock market managed to post a marginal gain of 0.11 percent today due to follow-through buying despite trading mostly in the negative.

The bellwether Philippine Stock Exchange index added 7.22 points to 6,857.48, while the broader all-share index climbed by 0. 16 percent, or 6.68 points, to 4,305.72.

Trading volume reached 4.01 billion shares worth P11.35 billion ($275.11 million) with 83 stocks advancing, 73 declining, and 49 issues closing unchanged.

DBP-Daiwa Securities, Inc. said in its daily stock market comment that buying on selected issues perked up the local index.

These issues include Alliance Global Group, Inc. which posted a gain of 5.96 percent  and property unit Megaworld Corp., which also reached a new high after rallying by 4.33 percent.

International Container Terminal Services, Inc. also rose by 1. 71 percent after the company declared that it is giving out cash dividends and allotting $500 million as its capital expenditure this year for its planned expansion in Latin America, Africa, Middle East and Asia.

"The latest positive momentum might continued on Thursday, barring unforeseen anxieties overseas," 2TradeAsia.com said.

The brokerage said this is evident from the composite index's latest chart pattern, with possibilities of trouncing recent highs.

2TradeAsia.com said large-caps that will benefit from favorable borrowing costs and those in expansion mode will likely be favored by investors in the coming sessions.