News Update Local shares close higher

MANILA, Philippines - Local shares closed higher Tuesday, spurred by gains on Wall Street Monday and investor interest in select second-line stocks. The benchmark Philippine Stock Exchange index (PSEi) PSEi rose 9.83 points or 0.3% higher to 3,854.14 in heavy volume. Advancers beat decliners 90 to 45, led by Digital Telecommunications, up 11% at P1.57 after reporting strong 2010 earnings; Alliance Global Group, up 1.6% at P11.68, and Energy Development, up 0.2% at P6.24. Nisha Alicer, a trader with DA Market Securities, says that while investor sentiment is improving, "we're still looking at the possible effects of the disaster in Japan on us." (Dow Jones)