Share prices rose 1.77 percent yesterday, tracking the recovery of the US market last week. The Philippine Stock Exchange index (PSEi) closed 49.92 points higher to 2,867.50.

Trading turnover reached 738.15 million shares for P2.16 billion.

Irvin I. Ackerman, I. Ackerman and Co., Inc. president, said yesterday's trading showed "a little bit of spirit" in tracking the US market.

Ackerman however said that the market still needs to post a follow through gain in the next week or two to develop the trend that could encourage more tradings.

"One or two day or so of an increase does not make a trend. We still need a week or two. Although it better than we hoped for," said Ackerman.

Philippine Long Distance Telephone Co. was up P35 to P2, 670.

Ayala Land Inc. was up P0.50 to P10.75.

Mother company Ayala Corp. was up P10 to P400.

SM Prime Holdings Inc. was up P0.20 to P8.30.

Meanwhile, Southeast Asian markets ended mostly higher with Singapore leading gains. Singapore's benchmark index climbed 3.64 percent higher and Malaysia moved 1.01 percent higher.

Indonesian stocks edged up 0.68 percent and Thai shares inched 0.49 percent higher, but Vietnam bucked the trend to slip 4.51 percent.

Analysts said the rally in Singapore was due to growing optimism that the worst of subprime writedowns may be over, helped by a report of JPMorgan Chase upping its Bear Stearns offer by five times.