Philippine stock index climbs 3 percent

The Philippine Stock Exchange index rose 59.08 points, or 3.08 percent, at 1,978.05. Gainers outnumbered loses 49 to 26, with 47 issues unchanged.

"We are tracking the American market," said Rene de los Reyes, a trader at Abacus Securities Corp. "Blue chip and market heavyweights are leading the way."

He said bargain hunters snapped up stocks at rock-bottom prices as investors see the local bourse doing better than those in markets with stronger links to the U.S. economy.

Top-traded Philippine Long Distance Telephone Co. gained 6.7 percent at 2,295 pesos. Ayala Corp., the country's largest conglomerate, rose 2.5 percent at 205 pesos.

SM Investments Corp., a holding company with interests in banking, property and mall operations, was up 0.5 percent at 188 pesos.