Philippines stocks finished higher for the first time in three days on Wednesday as investors bought selected blue chips, including telecoms sector leader Philippine Long Distance Telephone Co (PLDT).
Analysts said sentiment was buoyed by news that the government's budget overshot the first-half target by a smaller margin than had been expected and the release from Iraqi captors of Filipino truck driver Angelo de la Cruz.
The main index finished up 6.32 points, or 0.41 percent, at 1,539.32 points on Wednesday, as turnover nearly doubled to 579.49 million pesos ($10.37 million) from Tuesday's 294.2 million pesos. Gainers beat losers 46 to 19 and 59 stocks were unchanged.
PLDT, a quarter owned by Hong Kong's First Pacific Co Ltd, rose five pesos, or 0.43 percent, to 1,170.0 pesos.
Its mobile phone unit, Pilipino Telephone Corp (Piltel), finished four centavos, or 1.74 percent, higher at 2.34 pesos. It will announce second-quarter earnings on August 3. Globe Telecom Inc, the country's second-largest phone firm, closed five pesos, or 0.64 percent, firmer at 790 pesos.
San Miguel Corp, Southeast Asia's largest food-and-beverage firm, rose 50 centavos, or 0.74 percent, to 68.50 pesos.