Manila: Investors looking for cheap shares supported the local bourse while the peso closed strong in Thursday's trading. The Philippine Stock Exchange index (PSEi) closed with all counters finishing in the green territory.

According to Philippines News Agency, the bellwether increased 1.14 percent to 6,113.19 points, with All Shares also rising 0.79 percent to 3,647.73. Miners led the gainers, with the index closing at 2.70 percent to 7,630.64; Services followed, up by 2.61 percent to 1,998.23; Industrial increased by 1.81 percent to 8,688.81; Holding Firms rose by 1.09 percent to 5,171.65; Property went up by 0.13 percent to 2,255.87; and Financials edged up by 0.08 percent to 2,256.11.

Philstock Financials research manager Japhet Tantiangco stated, 'The local market extended its rise this Thursday as investors continued with their bargain hunting. Investors also took positions while hoping for positive catalysts from the BSP's (Bangko Sentral ng Pilipinas) policy meeting.' However, the Monetary Board kept key policy rates as announced by BSP Governor Eli Remolona on Thursday.

Net value turnover of the local stock market stood at PHP5.76 billion, which is higher than the year-to-date average of PHP5.26 billion. Tantiangco added, 'Foreigners were net sellers with net outflows at PHP369.44 million.'

Meanwhile, the Philippine peso closed the day strong at 58.06 to the US dollar from 58.19 to the greenback in the previous trading. The peso gained 0.13 against the dollar. The currency pair started the trading at 58.25 to the dollar before trading between 58.02 and 58.34 to the greenback. The average level for the day stood at 58.22 to the dollar. Trade volume jumped to USD1.64 billion from USD1.24 billion.