MANILA, Sept. 27 (Xinhua) -- The Philippine stock market ended Thursday's session with a slight upward bias, mostly due to bargain hunting.
The bellwether Philippine Stock Exchange index gained 0.17 percent or 8.86 points to 5,301.49. The broader all-share index slipped by 0.04 percent or 1.30 points to 3,529.95.
Trading volume reached 1.78 billion shares worth 4.6 billion pesos (109.9 million U.S. dollars) with 90 stocks advancing, 70 declining, and 42 unchanged.
Three of the six counters extended their sell-off. These sub- indices include industrial, services, and the mining and oil.
Maria Arlysa E. Narciso of AB Capital Securities, Inc. said the leisure and the casino sector stocks piqued investors' interest. These include Alliance Global Group, Inc., which closed higher by 4.7 percent and touching a new record high; Belle Corp., which rose by 5.95 percent, and Bloomberry Resorts Corp. which added 2. 38 percent.
But while the index managed to close slightly above the 5,300 level, Narciso said developments overseas are not to be dismissed easily.
"The market will likely remain mixed and sideways due to the influence of uncertainties in the European Union," Narciso said.
Narciso said investors fear that member countries such as Greece and Spain may drag down markets as they both face anti- austerity campaigns from the people. So far, proposed solutions are met with opposition.
Locally, however, Narciso said they are keeping a positive view on sectors which will benefit from the steady domestic economy.
Stocks in the 30-company index closed mixed. Ayala Corp., SM Prime Holdings, Inc., and Aboitiz Power Corp. were among those sold down.
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