The bellwether Philippine Stock Exchange index jumped by 1.88 percent or 79.55 points to 4,290.59. The broader all-share index added 1.25 percent or 37.10 points to 2,989.27.
Trading volume reached 3.22 billion shares worth 12.49 billion pesos (288.58 million U.S. dollars) with 97 stocks advancing, 46 declining and 55 unchanged.
All six counters closed higher, led by the holding firm sector.
"For today, the market was expected to bounce back after eight corrections in the last 10 days on the back of positive sentiments that happened in the global markets overnight," DBP-Daiwa Securities, Inc. said.
The brokerage said a string of positive reports spurred a rally in global equities.
Central banks around the globe announced a coordinated plan to make dollar funding cheaper for European banks.
On the other hand, China indicated it will ease monetary policy by lowering the reserve requirement ratio for banks.
"These moves (infused) positivity into the market as the European Central Bank can provide cheaper dollar loans to cash- strapped European banks. The main goal is to ease the credit crunch in Europe," DBP-Daiwa Securities, Inc. said.
Overseas, the Dow Jones industrial average index surged by 4.24 percent or 490.05 points. Asian equities were also trading higher as of Thursday afternoon.
Stocks in the 30-company index closed higher. Among the most actively traded issues include San Miguel Corp., heavyweight Philippine Long Distance Telephone Co., and Alliance Global Group, Inc.
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