The benchmark Philippine Stock Exchange index climbed 83.22 points, or 1.46 percent, to 5,778.14, extending its recovery after a period of market weakness.
"The market is showing signs of recovery, supported by bargain hunting and improving global sentiment,” Wendy Estacio-Cruz, head of research at Unicapital Securities Inc., said in a text message on Thursday.
"The decisive Democratic victory in the US midterm elections has provided some relief, with investors expecting a divided government to limit major policy changes and create a more predictable business environment," she said.
Rally gains ground
Holding firms led the advance, rising 4.14 percent as SM Investments surged 7.29 percent and Ayala Corp. gained 4.34 percent, while Jollibee Foods jumped 7.89 percent.
The broader market also strengthened, with 122 stocks advancing against 74 decliners, although financial shares fell 1.04 percent as trading turnover reached P6.17 billion.
Estacio-Cruz said the rebound could continue, although a lasting recovery would depend on easing domestic inflation, a stable peso and resilient corporate earnings.
"I think we need to break out of the range and stay above 5830 level to build momentum," she said.
—Edited by Miguel R. Camus
