Philippines share prices closed 0.5 percent higher on Thursday as selective bargain-hunting in blue chips provided support after two days of losses, dealers said.
However losses in heavyweight Philippine Long Distance Telephone (PLDT) capped the market's advance with most investors waiting on the sidelines in the absence of fresh leads, they said.
The composite index rose 10.51 points to close at the day's high of 2,109.77 after falling to a low of 2,095.32. However, the broader all-shares index fell 2.10 points to 1,024.23.
Volume was 618.4 million shares worth 869.6 million pesos (16.8 million dollars). Gainers led losers 47 to 38, with 58 stocks unchanged.
The peso was trading at 51.582 to the dollar as of mid-day.
"There was interest in select issues but investors are mostly on the sidelines just waiting for fresh news.
They also want to see if market support at 2,100 holds," said Lawrence de Leon of Accord Capital Equities.
PLDT, the most actively traded stock, closed down 15 pesos at 1,815. Metropolitan Bank and Trust was up 2.50 pesos at 38 while Ayala Land rose 25 centavos to 10.50 pesos.
San Miguel A shares were steady at 61.50 pesos while its B shares dropped 50 centavos to 79.50 pesos.
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