(UPDATE) Stocks up slightly on bargain hunting

MANILA, Philippines (Xinhua) - Bargain hunters allowed the Philippine stock market to post a marginal gain today.

The bellwether Philippine Stock Exchange index added 0.05 percent, or 3.67 points, to 6,834.04, while the broader all-share index slipped by 0.05 percent or 2.02 points to 4,100.61.

Trading volume reached 1.4 billion shares worth P5.7 billion ($131.01 million) with 114 stocks declining, 65 advancing, and 45 unchanged.

Three of the six counters bucked the trend.

"A three-day fall usually attracts bargain hunting and technical traders," analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment.

The sideways movement of the local equities, he said, might continue in the near term unless more compelling reasons surfaced overnight.

Calaycay said the only positive news is that the local equities managed to hold support at 6,790 to 6,800 level.

"At this point, the situation appears to remain fluid as investors wait at the sidelines for more convincing and encouraging leads," he said.

Stocks in the 30-company index closed mixed. Among those sold down were heavyweight Philippine Long Distance Telephone Co., Ayala Corp., and SM Investments Corp.