Philippines share prices closed 2.51 percent higher on Thursday, boosted by overnight gains on Wall Street, dealers said. The composite index added 48.72 points to 1,988.26, the seventh day of advances. The all shares index added 26.62 points, or 2.12 percent, to 1,282.34. Eighty-four issues advanced, 21 declined and 34 others ended unchanged.
Turnover reached 1.19 billion shares worth 2.74 billion pesos (56.78 million dollars). The peso traded at an average of 48.157 to the dollar in the morning, after ending at 48.170 on Wednesday. "There was a major turning point in terms of sentiment; markets are beginning to regain confidence," Jose Vistan of AB Capital Securities told Dow Jones Newswires.
Amid perceptions the global economic slowdown may have bottomed out, Vistan said the local bourse may extend the rally in the near term. Philippine Long Distance Telephone Co, which accounted for more than 19 percent of turnover, added 1.47 percent to 2,075 pesos while Energy Development Corp gained 5.71 percent to 3.70 pesos. Globe Telecom rose 0.60 percent to 840 pesos.