Philippines share prices closed 1.39 percent higher on Thursday, finishing the year on a positive note on the back of investor window-dressing, dealers said.
They said that after two days of successive declines, a bounce was to have been expected on the last trading day of 2005.
The Philippine Stock Exchange composite index rose 28.72 points to the day's high of 2,096.04. It touched a low of 2,066.74. Volume was 456 million shares worth 967 million pesos (18.3 million dollars).
The all-shares index rose 16.03 points to 1,273.14.
Gainers led losers 61 to 24, with 46 stocks unchanged.
For the year, the market registered a gain of 15 percent, with investors weathering a tumultuous political scene that included a bid to impeach President Gloria Arroyo for corruption and election fraud.
The bourse is closed Friday.
"Investors continued to accumulate for 2006. There are more reasons for them to buy rather than sell and stay away from the market, such as a strong peso, softening oil prices and the reform measures that are already in place," said Astro del Castillo of First Grade Holdings Inc.
He said there was also growing optimism that the Philippines' credit ratings will be upgraded in 2006 given the government's improving fiscal position.
Bank of the Philippine Islands was the most actively traded stock, advancing one peso to 54.50 pesos.
Philippine Long Distance Telephone rose 55 pesos to 1,835 pesos after unit Smart Communications Inc, along with three other telcos, secured permits from the government to offer third-generation or 3G wireless services.
Globe Telecom, which also received a permit, was up 15 pesos at 735 pesos.
Mall operator SM Prime Holdings Inc fell 10 centavos to 7.90 pesos.
Food and beverage giant San Miguel Corp's A and B shares rose 50 centavos each to 65.00 and 88.50 pesos, respectively.
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