Philippines share prices closed 1.49 percent higher in a sharp technical rebound on Tuesday, recovering from two-month lows seen on persistent concerns over opposition attempts to oust President Gloria Arroyo, dealers said.
However, volumes were thin given the ongoing political issues and ahead of an expected monetary tightening by the central bank, they added.
The composite index rose 27.76 points to 1,894.67 after trading between 1,866.91 and 1,896.70. Turnover was a modest 395.8 million shares worth 747.7 million pesos (13.35 million dollars).
The broader all-shares index advanced 15.66 points to 1,159.77.
Gainers beat losers 42 to 22, with 38 stocks unchanged.
The peso was at 56.01 to the dollar at midday.
Dealers said the sustainability of Tuesday's rise was questionable given fears over the domestic political environment while President Gloria Arroyo is in New York this week to attend United Nations meetings.
The armed forces went on full alert Monday amid rumours of destabilisation attempts while Arroyo is away. Opponents of the President have vowed to hold mass protests in a bid to force her from office after they failed to impeach her over accusations she cheated in last year's presidential elections.
"This is just a technical rebound. There's no accompanying volume," said Astro del Castillo of First Grade Holdings.
He said there were no strong fresh leads and that the same old political worries were still hanging over sentiment.
"Investors are still wary of the current political situation after the opposition has not given up on its objective to remove President Arroyo from office," BPI Securities said in a note to clients.
Philippine Long Distance Telephone lost 10 pesos to 1,560. Ayala Corp rose 12.50 pesos to 285. Units Ayala Land advanced 20 centavos to 7.60 pesos, Globe Telecom added 25 pesos to 720 and Manila Water rose 10 centavos to 6.10 pesos.
Bank of the Philippine Islands was steady at 51 pesos.
SM Prime Holdings advanced 30 centavos to 7.10 pesos and parent SM Investments gained 11 pesos to 211.
San Miguel Corp B shares, available to all investors, rose 1.50 pesos to 94. San Miguel Corp A shares, limited to local investors, ended unchanged at 65 pesos.
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