MANILA, Philippines ? The Philippine Stock Exchange index edged higher on Wednesday during a largely listless trading session as investors searched for fresh leads in the first trading week of the year.

At the end of the range-bound session, PSEi stood at 3,039.93 points, higher by 11.47 points or 0.37 percent.

Investors took in stride positive developments on the fiscal front after government officials launched a $1.5-billion global bond issue to cover its 2010 funding needs, as well as indications that the internal revenue and customs bureaus met their collection targets for December 2009.

A total of 1.24 billion shares changed hand for a total value turnover of P2.41 billion. Share prices of 47 stocks rose, versus 64 which declined and 68 which remained unchanged.

The index was pushed higher, however, by gains in the Philippine Long Distance Telephone Co. (PLDT) and the Energy Development Corp. (EDC), whose prices rose by P10 to P2,640 and P0.10 to P4.65, respectively.

Combined, both stocks accounted for slightly over a fifth of all market trades.

Shares of MRC Allied Industries Inc. continued to attract the attention of speculative players on persistent rumors that taipan Lucio Tan is buying into the firm. Despite a previous denial made by the firm, MRC Allied?s share price rose 11.94 percent to P0.75 apiece, making it the second-highest gainer on the bourse.