Philippines share prices closed 1.6 percent higher on Thursday, lifted by the rebound on Wall Street overnight ahead of the Federal Reserve's decision on interest rates, dealers said.
Market leader Philippine Long Distance Telephone Co (PLDT) helped propel the key index higher as it tracked the overnight gains in its American Depository Receipts.
The Philippine Stock Exchange composite index added 57.79 points at 3,645.0 after trading between 3,652.47 and 3,587.21 points. The all-share index rose 42.48 points or 1.84 pct to 2,345.22. There were 100 advancers and 23 decliners, while 55 stocks were unchanged. Volume traded reached 3.41 billion shares worth 6.65 billion pesos (143.5 million dollars.)
The local currency traded at 46.329 to the dollar. "Investors set aside concerns about interest rates as they saw fresh buying opportunities after Wednesday's sharp decline," said Lawrence de Leon of Accord Capital Equities.
"But that does not necessarily mean that interest rate concerns are totally out of the picture." Top-traded PLDT, the nation's biggest listed company in terms of market capitalisation, rose 50 pesos to 2,670 pesos.
PLDT's rival, Globe Telecom Inc, was up five pesos at 1,365 pesos. Conglomerate SM Investments Corp jumped 27.50 pesos to 427.50 pesos.
Food and beverage firm San Miguel Corp was one of the biggest winners, with its A-shares, exclusive to Filipino investors, rising three pesos to 75 pesos while its B-shares, open to foreigners, advanced one peso to 81 pesos.
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