Share prices ended higher Monday on bargain hunting as investors picked up shares on renewed interest. Market driver was Philippine Long Distance Telephone Co., (PLDT).

The Philippine Stock Exchange index (PSEi) was up 45.19 points to 1,879.09, a 2.46 percent increase. The peso also ended higher at 48.105, up 20 centavos from Friday’s 48.31. Total value of transactions at the Philippine Dealing System was $934.71 million.

The broader all shares index was up 20.06 points to 1,221.29. Gainers edged losers 53 to 29 with 38 stocks unchanged.

Trading turnover reached P4.73 billion, about 2.5 time bigger than the market’s average return. "The increase was broad-based. Almost every sector ended on the positive., probably because banking issues are going up," said Jun Calaycay, Accord Capital Equities Inc. trader.

Calaycay said that there was bargain hunting with "all counters relatively attractive."

PLDT cornered bulk of the turnover at 66 percent, and with its 2.54 percent uptick, pulled the market up significantly.

Value searching investors turned to PLDT shares after its after sentiments were dampened by the telco’s entry into power-distribution firm Manila Electric Co. (Meralco).

Also, following the announcement by PLDT that it is investing in Meralco, Fitch Ratings has downgraded the telco’s outlook to negative from stable, citing the "limited headroom for a further increase in net leverage," prompting the ratings firm to maintain a "cautious view" due to Meralco’s "weak financial position and the potential support that it may require."

The ensuing sell-off has made PLDT a price bargain, according to Calaycay.

PLDT was up P50 to P2,015.

PNOC Energy Development Corp., (EDC) was up P0.15 to P3.

Ayala Corp., (Ayala) was up P5 to P214.

Bank of the Philippine Island (BPI) was up P0.50 to P34.50. Globe Telecom Inc., (Globe) was down P10 to P805. First Philippine Holdings Inc., (First Holdings) was up P0.75 to P23.