Philippines share prices closed 1.06 percent higher on Wednesday, extending gains as investors took advantage of a lull in political tensions to hunt for bargains, dealers said.
The Philippine Stock Exchange composite index rose 20.07 points to 1,914.74 after trading between 1,914.92 and 1,894.29. Volume was 458.4 million shares worth 1.01 billion pesos (18.03 million dollars). Gainers beat losers 40 to 25, while 46 stocks unchanged.
The all-shares index gained 10.26 points to 1,170.03 points.
The Philippine peso averaged 55.90 to the dollar in midday trade.
"The market's rise accelerated after it broke through resistance at 1,900 points but with trading still anaemic, there's no certainty that these gains will be sustained for the rest of the week," said Rommel Macapagal of Westlink Global Equities.
He said political concerns had eased after the influential Roman Catholic bishops issued a statement urging Filipinos to stop "excessive politicking" and to move forward after President Gloria Arroyo defeated an impeachment move against her last week.
The statement indicated that the bishops will continue to avoid supporting protests in the streets intended to oust Arroyo, who has been accused of cheating in last year's presidential election. Arroyo has denied the charge.
Arroyo flew to New York this week for United Nations meetings and returns home Saturday, ahead of a big protest on September 21 being organised by her opponents.
Philippine Long Distance Telephone was steady at 1,560 pesos, giving back early gains.
Bank of the Philippine Islands, the most actively traded stock, was up 50 centavos at 51.50 pesos. First Philippine Holdings Corp added 1.50 pesos at 43.50, extending gains for the third straight day after unit First Generation Holdings Corp formally disclosed its initial public offering plan.
Ayala Land Inc gained 10 centavos at 7.70 pesos while Ayala Corp rose 12.50 pesos to 297.50 pesos after the conglomerate said it has signed a 4.2-billion peso loan agreement to pre-pay dollar-denominated obligations maturing next year. San Miguel Corp A shares rose 50 centavos to 65.50 pesos while its B shares advanced one peso to 95.00 pesos.
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