Philippine share prices closed 1.6 percent higher on Tuesday due to selective bargain-hunting, particularly in blue-chip Ayala Corp., dealers said.
A pullback in crude oil prices from record highs also helped boost sentiment, they added.
The composite index gained 45.80 points to 2,849.29 after moving between 2,834.36 and 2,852.52. The all-share index was up 19.32 points to 1,763.73.
There were 60 advancers and 31 decliners while 70 stocks ended flat.
A total of 1.5 billion shares worth 3.8 billion pesos (89.22 million dollars) changed hands.
"Investors focused on earnings today since they have long discounted old concerns such as recession and inflation. There is anticipation that index issues like Ayala Corp. will turn in positive numbers," said Jose Vistan of AB Capital Securities.
Conglomerate Ayala Corp. climbed 7.0 percent to 345 pesos.
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