(UPDATE) Bourse closes higher on bargain hunting

MANILA, Philippines (Xinhua) - The stock market opened the shortened trading session today positively on what analysts said was an extended bargain hunting.

The bellwether Philippine Stock Exchange index gained 0.19 percent or 13.64 points to 7,139.27, while the broader all-share index rose by 0.39 percent or 16.52 points to 4,212.33.

Trading volume reached 2.54 billion shares worth P13.21 billion ($295.86 million) with 107 stocks advancing, 67 declining, and 36 remaining unchanged.

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

"Continuity of Friday's momentum was seen, albeit modestly, as some players park excess cash in equities prior to the holidays," online brokerage 2TradeAsia.com said in its daily stock market comment.

The online brokerage said with fundamentals intact plus support from cheaper crude prices, consumer plays took the limelight, on brisk demand for the season.

Analyst Justino Calaycay of Accord Capital Equities Corp. said investors admittedly were more bullish when the year started.

However, things did not turn out as expected for the rest of the year when the country's economy did not grow as much as expected.

"As the technical charts will tell you, the investment-trading strategy has shifted from a 'buy-and-hold' to 'range-trading' in the fourth quarter and seem to the where the market is heading into 2015," Calaycay said.

2TradeAsia.com advises investors that select property and holdings stocks might soon be noticed, especially those with double-digit growth potentials for 2015.

Stocks in the 30-company index closed mixed. Investors picked up shares of heavyweight Philippine Long Distance Telephone Co., and Alliance Global Group, Inc. but sold down shares of Ayala Land, Inc.