PHL shares close higher led by smaller issues

Share on the Philippine Stock Exchange (PSE) rose on thin trading Tuesday, led by third- and second-tier issues.   “There still isn’t much negative news coming from the euro debt crisis and there is positive economic data from the US, including retail sales and consumer confidence,” said Freya Natividad, head of research at F. Yap Securities Inc.   On the domestic front, the market is anticipating the release of infrastructure funds, and “that is another plus point” for the positive trend early in the year, Natividad added.   The main PSE index rose 25.14 points or 0.57 percent to close at 4,422.22.    More than 3.627 billion shares valued at P4.874 billion were traded in that session.   “Trade within range and go for modest gains on rallies. Immediate support is 4,370, resistance at 4,420,” said Natividad.   “Expect some profit-taking on this strength, especially with the PSEi nearing 4,400,” she added.   Gainers led losers 99 to 69 with 41 issues closing unchanged. — TJD, GMA News