Philippines share prices closed 1.1 percent higher on Thursday as investors snapped up bargains after being encouraged by overnight gains on Wall Street, dealers said. But volumes were thin amid cautiousness following recent sell-offs, they warned.
The composite index finished up 38.52 points at 3,454.60 off a high of 3,473.68. The broader all-share index rose 16.13 points to 2,121.30. There were 62 advancers and 36 decliners, while 65 stocks were unchanged. Volume traded was 2.2 billion shares valued at 2.9 billion pesos (71.3 million dollars).
The local currency was trading at 40.66 to the dollar. "We followed Wall Street's lead, but gains came along with some caution, given erratic trading in the US," said Rommel Macapagal of Westlink Global Equities.
Investors will keep their eyes on the US market and Federal Reserve chairman Ben Bernanke, who is scheduled to deliver later Thursday a speech that is likely to provide clues about the central bank's stance on the weakening US economy.
Philippine Long Distance Telephone rose 45 pesos to 3,050, tracking a 2.9 percent gain in its American Depository Receipts overnight. Ayala Land rose 50 centavos to 14.75 pesos. San Miguel A shares rose 50 centavos to 61 pesos. Its B shares were steady at 61 pesos. Philex Mining fell 10 centavos to 9.80 pesos.