The Philippine Stock Exchange index (PSEi) closed at 7,356.59 on Wednesday, advancing 1 percent to its highest since September 25.
SM Investments and Philippine Long Distance Telephone Co gained 2.4 percent and 1 percent, respectively.
Analysts said investors waited for clues on the global economy from U.S. data, including personal income and spending, durable goods orders, and weekly jobless claims, due later in the day.
Investors were also keeping a close watch on crude oil prices after some major oil producers, including Saudi Arabia, Russia, Mexico, and Venezuela, could not agree on a production cut ahead of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) on Thursday. Crude futures hit a four-year low.
The U.S. government upgraded its reading on third-quarter gross domestic product to 3.9 percent on Tuesday from 3.5 percent reported last month. Economists polled by Reuters had expected growth would be cut to 3.3 percent.
The Jakarta Composite Index was up 0.15 percent, while the Singapore index was steady. The Malaysian stock index .KLSE traded 0.2 percent firmer, heading for a third straight session of gains.
Bucking the trend, the Thai index was down 0.13 percent and Vietnam was lower 1.7 percent.
source: www.abs-cbnnews.com
