Philippine shares end higher Tuesday on bargain hunting

MANILA, Philippines (AP) - Philippine shares ended higher Tuesday, buoyed by bargain hunting in select issues following a rise on Wall Street, traders said. 

The 30-company Philippine Stock Exchange Index ended up 8.43 points, or 0.7 percent, at 1256.96, adding to 0.48-point rise Monday.  

Gainers led decliners 27 to 26, while 30 issues were unchanged. 

"There is improving optimism with regard to the outlook for the U.S. economy. That should be good for the Philippines since the U.S. is a major trading partner,'' investment analyst Mark Alan Canizares told Dow Jones Newswires. 

He said the Philippine economy also appears to be faring well, considering the generally good second-quarter corporate results. 

The only things preventing the market from rising further are lingering security concerns following the July 27 mutiny and political bickering, the analyst said. 

Blue chip Philippine Long Distance Telephone Co., or PLDT, was the most actively traded stock, up 15 pesos, or 2.9 percent, at 535 pesos, in step with the 1 percent gain in the company's American Depositary Receipts Monday. 

Other active stocks included SM Prime, up 0.10 peso, or 1.8 percent, at 5.80 pesos. 

Megaworld rose 0.02 peso, or 2.6 percent, at 0.78 peso after the property concern said Monday that it won the right to develop a military property near Manila's international airport. - AP 

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