Share prices inched higher on second straight day yesterday fueled by improving sentiments in the overseas front which also lifted confidence for investors to turn to locally-traded shares.

The Philippine Stock Exchange index (PSEi) went up 87.85 points to 3,178.32, led by Philippine Long Distance Telephone Co. (PLDT), tracking the hike in its New York-traded American Depository Receipts.

The broader all shares index was also up 42 points to 2,039.53 as second liners continued to catch the attention of investors.

Gainers edged losers 86 to 30 with 45 stocks unchanged in a trading that yielded 9.44 billion shares traded for P5.41 billion.

Primary factor for the renewed market vigor was the US Fed’ decision to keep interest rates steady with investor looking at possible cut in interest rates in the medium term.

Accord Capital Equities, Inc. analyst Claire Quiray said this development restored interest in the local market which "appears to maintain a support at the 3,000 level."

"However overseas economies might continue to be one of the main indicator of the market," she added.

Quiray said investors are flocking back to take part in many offerings that locally listed companies are undertaking.

Top-traded PLDT was up P135 to P2,525.

Megaworld Corp. went up P0.20 to P3.20.

SM Investments Corp., was up P15 to P367.50.

Ayala Corp. lost P5 at P540 though its unit Ayala Land was up P0.25 to P15.75. Globe Telecom, another Ayala unit, lost P5 to P1,295.

Metropolitan Bank & Trust Co. was up P3.50 to P62.

San Miguel Corp. A shares was up P0.50 to P64, B shares went up P2 to P74.50.