Stocks extended their gains on Thursday as investors snapped up some blue chips following modest gains on Wall Street overnight.
A better-than-expected report on consumer prices sent US stocks up 0.51 percent Wednesday. The US Labor Department announced that inflation advanced only 0.2 percent in April, calming jittery investors.
"Inflation data in the US showed a good number that encouraged investors. This positive sentiment in Wall Street trickled down to Asian markets," said Jose Vistan, research head at AB Capital Securities.
Vistan, however, noted that the market was out of fresh local leads to catalyze more buying.
The Philippines' composite index rose 15.73 points or 0.55 percent to 2,878.26.
The broader all-share index gained 9.83 points or 0.56 percent at 1,773.41.
Gainers beat losers, 64 to 36, while 59 stocks were unchanged.
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RP stocks rise
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