Philippine Stock Exchange index yesterday closed up 45.45 points to 2,414.66, a 1.92 percent increase, after bargain hunters picked up badly battered equities.

Share prices on the average have lost an average one-third of value from last year.

Trading reached P1.545 billion.

"Stocks have been oversold. There was bargain hunting, " said Aaron Say, First Metro Brokerage, Corp. analyst.

Meanwhile the peso closed at 45.72 to the US dollar, down from Friday’s close of 45.45. The unit traded from 45.37 to 45.72. The total value of transactions at the Philippine Dealing System was $633.50 million.

Most actively traded Megaworld Corp. was up P0.08 to P1.22. A. Soriano Corp. was up P0.35 to P2.95. Philippine Long Distance Telephone Co. was up P15 to P2, 360. Robinson Land Corp. was up P0.50 to P6.50. Ayala Land, Inc. was up P0.20 to P9.

Banco de Oro was up P0.50 to P39.50. Alliance Global, Inc. was up P0.15 to P2.65. Manila Electric Co. was up P3.50 to P45. SM Prime Holdings, Inc. was up P0.20 to P7.20. Jollibee Foods Corp. was steady at P33.50.

Asian currencies were range-bound yesterday as investors waited for policy signals from Federal Reserve chief Ben Bernanke and comments from leaders of the Group of Eight states that may have an impact on the dollar.

The Singapore dollar moved between 1.3615 and 1.3626 per US dollar little changed from 1.3607 in late Asian trade on Friday.