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MANILA - Philippine share prices on Wednesday rose for a third straight session to return above the 5,100 level on speculation that the US Federal Reserve will take steps to bolster the economy amid Europe's worsening debt crisis.
At the Philippine Stock Exchange, the composite index gained 1.28 percent or 64.85 points to close at 5,146.46.
Leading the market's ascent was the property counter, which advanced by 1.93 percent.
Advancers led decliners, 103 to 52, while 37 issues were unchanged. A total of 5.18 billion stocks worth P6.08 billion changed hands.
"The market was pretty strong, largely driven by expectations of more stimulus this time from the US Federal Reserve. Relaxing monetary policies is good for equities," said Jose Vistan of AB Capital Securities Inc.
Overnight the Dow Jones industrial average climbed 0.75 percent or 95.51 points to 12,837.33, its highest close in a month, on bets that the Fed will extend its bond-purchase program.
The local market broke its resistance level, an indication that momentum is picking up and of further upside, Vistan said.
"The fundamentals are very positive to support sustainability but the concerns in Europe remain," he said.
Actively traded stocks were Alliance Global, Megaworld, Metrobank, BDO and Universal Robina.
Top gainers were Unioil, Easycall, and Central Azucarera de Tarlac, while the biggest losers were Acesite, Benguet preferred shares, and Jolliville.
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