The Philippine composite index was up 0.5 percent after a 0.8 percent fall on Tuesday to a near one-week low. Metropolitan Bank and Trust Co., the most actively-traded stock, gained 1 percent.
All 16 economists in a Reuters poll predicted the central bank would leave the overnight borrowing rate unchanged at 4 percent, confident that increased government spending would help the economy regain steam.
Trading volume in Manila fell to just 28 percent of the full-day average over the past 30 days, similar to most others in the region.
In Bangkok, the SET index was up 0.8 percent at midday, recovering from the previous day's weakness.
Oil prices, which edged higher on hopes of stronger-than-expected U.S. crude demand, helped lift energy shares such as PTT and PTT Global Chemical.
"Both will continue to benefit from higher crude oil prices and are expected to post robust second-quarter earnings and will be window-dressing targets," strategists at broker Krungsri Securities wrote in a note to clients.
Investors chose to be optimistic on the chances of a Greek debt deal, helping Asian shares rally for a sixth straight session while the dollar held broad gains as the prospect of US rate rises came back on the radar.
source: www.abs-cbnnews.com
