Philippines share prices closed 0.45 percent higher on Thursday on a technical bounce supported by further gains on Wall Street overnight as oil prices continued to ease off record highs, dealers said.
However the rally was muted due to continuing political uncertainty over the clamour that President Gloria Arroyo resign for alleged election fraud.
The Philippine Stocks Exchange composite index rose 8.51 points to 1,905.84 after trading between 1,909.25 and 1,895.79 points.
Volume turnover was thin at 596.9 million shares worth 558.9 million pesos (9.96 million dollars.)
The all-shares index advanced 5.02 points to 1,163.94.
Gainers outnumbered losers 35 to 30, while 54 stocks ended unchanged. The Philippine peso was at 56.089 to the dollar midday.
"The market has been due for a rebound and Wall Street's rise provided the trigger but volume suggests investors are pausing due to politics," said James Lago of Westlink Global Equities Inc.
"Without all of these political dramas, the Philippine equities market could be trading much higher," Lago added.
Arroyo's allies in Congress earlier this week quashed the impeachment complaints filed against her by the opposition, alleging that she cheated to win the May, 2004 elections. However the opposition has now resorted to street protests to try to force Arroyo out. Philippine Long Distance Telephone led the risers as it advanced 10 pesos to 1,585 pesos. Ayala Corp rose 2.50 pesos to 290 pesos while unit Ayala Land Inc fell 10 centavos to 7.50 pesos. Manila Water Co retreated 10 centavos to 6.10 pesos while Bank of the Philippine Islands rose 1.50 pesos to 52 pesos. San Miguel Corp B shares, available to Filipino and foreign investors, was down one peso at 92.50 pesos while San Miguel Corp A, limited to Filipino investors, ended unchanged at 65.50 pesos.