(UPDATE) Stocks post gains on foreign buying

MANILA, Philippines (Xinhua) - The Philippine stock market closed today's session higher as foreign investors remained keen on the local equities.

The bellwether Philippine Stock Exchange index rose by 0.64 percent, or 45.94 points, to 7,275.66, while the broader all-share index gained 0.50 percent, or 21.11 points, to 4,276.05.

Trading volume reached 2.25 billion shares worth P8 billion ($178.34 million) with 78 stocks advancing, 88 declining, and 53 unchanged.

Of the six counters, only the industrial sector bucked the trend.

"Sustained foreign buying buoyed sentiment despite the regional pullback owing to Japan's third quarter economic growth," online brokerage 2TradeAsia.com said in its daily stock market comment.

Analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment that while Japan's gross domestic product was disappointing, this could have even boosted sentiments in the local equities.

"There is a general rise in optimism across the region as investors anticipate Japan to implement stimulus actions," said Calaycay.

2TradeAsia.com said liberalization of bank ownership, efforts to reform the local mining tax sector's tax scheme and higher remittances from overseas Filipino workers in September propped up the local bourse on Tuesday.

Speculation over local firms' activities overseas also provided an incentive for investors to flock to the market.

Stocks in the 30-company index closed mixed. Among those picked up were heavyweight Philippine Long Distance Telephone Co., BDO Unibank, Inc., and Universal Robina Corp.