Stocks reverse to uptrend

MANILA, Philippines (Xinhua) - The stock market bounced back today albeit marginally as investors wait for further cue to put more money in their portfolio.

The bellwether Philippine Stock Exchange index added 0.09 percent, or 5.87 points, to 6,772.44, while the broader all-share index rose by 0.38 percent, or 15.35 points, to 4,077.18.

Trading volume reached 2.63 billion shares worth P8.81 billion ($201.35 million) with 97 stocks advancing, 84 declining, and 48 were unchanged.

Three of the six counters bucked the trend. These include financials, industrial, and mining and oil sectors.

"Barometers continue to consolidate as participants check on funds flow movement that has capped recent turnover trend in local equities," brokerage 2TradeAsia.com said in its daily stock market comment.

The online brokerage added that part of the presumption might be tied to possible switch in favor of bonds and other markets.

Given that there is a dearth in economic developments locally, 2TradeAsia.com said it expects key drivers will still be based overseas, while waiting for sequel leads at home.

It further advises investors to track companies with convincing stories to unfold in the second quarter.

Stocks in the 30-company index closed mixed. Among those sold down were Alliance Global Group, Inc., SM Prime Holdings, Inc., and Megaworld Corp.