The peso's rally to four-month highs against the dollar also boosted investor sentiment, they added.
The composite index rose 6.91 points to 1,941.46 after trading between 1,934.07 and 1.943.57. Turnover was 266.02 million shares worth 599.7 million pesos (10.89 million dollars).
The broader all-shares index advanced 3.79 points to 1,180.83.
Despite the headline index gains, losers led gains 36 to 34 with 44 stocks unchanged.
The peso was at 55.06 to the dollar by midday after rising to 55.005 on Wednesday afternoon, its strongest level in more than four months.
"The market is consolidating with a positive bias," said Gomer Tan of Regina Capital Development.
"The gains have been supported by the peso's strong performance, plus some counters are now at their oversold levels," he added.
Dealers were split on whether the three-day rise would continue Friday ahead of the long weekend.
Religious holidays on October 31 and November 1 as well as November 4 mean there are only two trading days next week.
Mark Alan Canizares of Citiseconline.com said the long weekend may have prompted some investors to take to the sidelines, limiting the gains even though most stocks are cheap.
Philippine Long Distance Telephone ended unchanged at 1,660 pesos while Globe Telecom gained five pesos to 705.
Ayala Land added 30 centavos to 8.90 pesos, its affiliate Bank of the Philippine Islands advanced 50 centavos to 51 pesos while parent Ayala Corp gained 2.50 pesos to 285.
San Miguel A, exclusive to Filipino investors, ended unchanged at 65 pesos and San Miguel B, open to all buyers, was down 1.50 pesos to 88.50.