(UPDATE) Bargain hunting lifts bourse

MANILA, Philippines (Xinhua) - The stock market today ended its five-day losing streak on bargain hunting.

The bellwether Philippine Stock Exchange index gained 0.27 percent, or 19.07 points, to 7,180.34, while the broader all-share index rose by 0.35 percent, or 14.83 points, to 4,254.47.

Trading volume reached 2.24 billion shares worth P6.71 billion ($152.34 million) with 101 stocks advancing, 70 declining, and 52 were unchanged.

Analyst Justino Calaycay of Accord Capital Equities Corp. said the evident drop in value turnover in the days since the local equities hit a 15-month high of 7,314.94 and the 20-point snap back in Tuesday's trades have enticed investors to revisit the local equities.

Calaycay said it also helped the index stay above the 7,130 support range, which is one of the factors investors looked into.

"With risks have understandably risen, given the lingering suspicions over achieving 2014 targets, not-to-stellar earnings through the first semester and the unquestionably higher consumer prices, there remains evidence that things will continue to be rewarding for equity investors," he said.

Tuesday's close, he said, adds credence to expectations that the market might make another attempt at the 7,400 level.

Calaycay said, however, that investors are cautious of the local equities as evidenced by technical indicators.

Stocks in the 30-company index were mostly up. These were heavyweight Philippine Long Distance Telephone Co., Ayala Land, Inc., and BDO Unibank, Inc.