Share prices edged higher yesterday with the Philippine Stock Exchange Index up by 1.13 points, closing at 3,454.60.

The Dow Jones Industrial index went up 146.24 points overnight.

Gainers edged losers 62 to 36 while 65 stocks were unchanged.

Trading turnover however was characteristically thin at P2.86 billion, or about 2.18 billion shares traded.

Claire Quiray, Accord Capital Equities, Inc. analyst said "Whatever spikes in the short-term is only temporary as US concerns continue to play around investors’ minds."

"It is like a Damocles’ sword hanging over the prospect of the market. With uncertainty very clear, many investors are opting to stay out of the market for now," she said.

Quiray also noted that despite the hike, foreign investors still recorded a P24 million net selling, describing the trading atmosphere in the exchange.

"Investors could be waiting for the Fed chairman Fred Bernanke’s outlook for the US economy. Whatever his report will be picked up by the market and will set the tone of trading," said Quiray.

Ayala Land Inc. was up P0.50 to P14.75. Philippine Long Distance Telephone Co. was up P45 to P3, 005. Megaworld Corp. went up P01.0 to P3.40. SM Prime Holdings Inc. shed P0.20 to P10. Ayala Corp. went up P12.50 to P492.50.

The momentum of the slide in world stock markets this week slowed on Wednesday, with US stocks ending higher, but European stocks lower, though views on whether the US economy would see a recession this year remained mixed.

The Dow Jones industrial average ended up 1.18 percent at 12,737.34, while the benchmark Standard & Poor’s 500 Index recovered 1.36 percent to 1,409.09 and the Nasdaq Composite Index gained 1.37 percent to 2,473.85.