Philippines stocks closed higher for a third straight session on Thursday on bargain hunting in select blue chips, led by dominant phone firm PLDT and second-ranked Globe Telecom Inc.
The main index added 8.78 points, or 0.62 percent, to 1,433.11 points, boosted by a 2.63 percent jump in Philippine Long Distance Telephone Company (PLDT). Globe Telecom Inc, jointly owned by conglomerate Ayala Corp and Singapore Telecommunications, rose 1.22 percent, or 10 pesos, to 830 pesos.
"The rise could be due to seasonal window-dressing activities of portfolio managers," said RCBC Securities stocks analyst Edwin Mendoza.
"Once their activities are over, the market may revert back to its sideways direction." The main index is still down 0.64 percent so far this year.
Analysts said the arrest of two more members of an Islamic militant cell, which the government said was planning bomb attacks on shops and trains in Manila had, eased security fears.
Mendoza said uncertainties over who would win the May 10 election and worries over the economy would keep investors from investing further in stocks.
The IMF said on Wednesday it was growing more concerned about the Philippines' high public deficit and debt levels, saying there was an urgent need for the government to implement economic reforms.
Value turnover dropped to 498.28 billion pesos from Wednesday's 1.24 billion pesos.
Gainers beat losers 26 to 23 and there were 37 stocks unchanged.
Pilipino Telephone Corp (Piltel), the country's third-largest mobile phone firm and 45-percent owned by PLDT, finished 1.16 percent or two centavos higher at 1.74 pesos. B share of Manila Electric Company (Meralco) jumped 1.03 percent, or 25 centavos, to 24.50 pesos, on bargain-hunting.
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