Philippines share prices closed 0.89 percent up at fresh five-year highs on Thursday as investors shrugged off a two-notch ratings downgrade by Moody's Investors Service to focus on a more positive economic outlook, dealers said. They said Wednesday's losses on the Moody's downgrade only provided a fresh buying opportunity in a market which continues to make ground. The Philippine Stock Exchange composite index added 18.51 points to 2,096.99, having traded between 2,076.00 and 2,103.27.

It was the index's best finish since January 17, 2000, when it closed at 2,097.23.

Volume reached 5.28 billion shares worth 2.24 billion pesos (40.8 million dollars) from Wednesday's 10.96 billion shares worth 2.72 billion pesos.

The broader all-shares index rose 5.32 points to 1,226.92.

Gainers beat losers 106 to 22, with 33 stocks unchanged.

Top-traded Ayala Land was up 10 centavos to 9.30 pesos.

But Philippine Long Distance Telephone fell 20 pesos to 1,405.00 pesos, and Globe Telecom dropped five pesos to 930.00 pesos.

Ayala Corp gained 20 centavos to 8.50 pesos.

San Miguel ended higher, with its A shares up 50 centavos to 58.00 pesos, and its B shares gaining one peso to 81.00 pesos.

Copyright Agence France-Presse, 2005