The Philippine Stock Exchange Index rose 1.1 percent yesterday, joining the regional uptrend in a cautious reaction to positive US jobs data, with China plays such as Yanlord Land in Singapore and Bank Rakyat Indonesia leading gains.

Indonesia saw the region's largest rise at 1.93 percent. Singapore's benchmark index edged 0.37 percent higher, while Malaysian stocks inched up 0.25 percent.

Shares across Asia rose after jobs data suggested the US economy might not be as severe as expected. But analysts said they do not expect the rally in Singapore to be sustainable.

"I think the run has been going on for some time, so I think it's only fair there will be some correction towards the end of this week," said Gabriel Gan, senior vice president for equity sales and dealing at AmFrasher Securities.

The Singapore index is still down 6.3 percent this year, but has climbed from being down 19 percent in mid-March.

Shipping line NOL was the top gainer on Monday, rising 5.9 percent. The world's eighth biggest container shipping firm said last week it carried 13 percent more containers in the four weeks to April 4, compared to a year ago.

The Philippine Stock Exchange index was up 29.98 to 2,752.93.

Trading turnover reached P2.09 billion.

The market's continued decline in the past weeks has brought the PSE's collective price to earnings ratio (PER) at 12.38.

The market is playing catch-up with its neighboring markets, according to AB Capital Securities, Inc. research head Jose L. Vistan, Jr.

Vistan said that while it may be seen that the US economic slowdown is showing signs of tapering off, the inflationary concern may tend to be prolonged and even hit higher levels in the months to come, off-setting whatever respite is found with a slowing US recession.

"We don't see conditions improving in the near term. I see inflation still going up and may continue to exist a little longer. The US market is showing signs of a bottoming out but it will still take longer to stabilize," he said.

Most actively traded Philippine Long Distance Telephone Co. (PLDT) was up P60 to P2, 610.

Globe Telecoms, inc. was up P10 to P1, 325. Philippine National Oil Co. - Energy Dev't. Corp. (PNOC-EDC) was steady at P5. Manila Electric Co. was down P2.50 to P78.50. First Philippine Holdings, Inc. was down P0.50 to P40. Ayala Land, Inc. (ALI) was down P0.10 to P9.70. Manila Water Corp. was up P0.25 to P18.

Meanwhile the peso closed at 42.23 to the US dollar, up from Friday's close of 42.345. TheTaiwan dollar hit its lowest level in a month as local equities weakened, but other Asian currencies gained modestly after better-than-expected US jobs data revived investor appetite for risk.