MANILA, Philippines — Philippine shares rose sharply Thursday as overnight advances in U.S. stocks prompted investors to pick up bargains.

The 30-company Philippine Stock Exchange Index ended up 89.69 points, or 2.86 percent, at 3,229.15.

The market's rise was across all sectors, with all subindices ending higher. In the broader market, gainers outnumbered losers 127 to 13, while 20 stocks were unchanged.

"Things are improving. Yet, we cannot say that we're out of the woods," said First Grade Holdings Managing Director Astro del Castillo.

Philippine Long Distance Telephone Co. led risers, ending up 1.2 percent at 2,545 pesos in line with the overnight advance of its American Depositary Receipts.

Metropolitan Bank & Trust Co. rose 4.95 percent to 53 pesos, and its rival Bank of the Philippine Islands gained 2.5 percent to 60.50 pesos.

Property developers also advanced. Megaworld Corp. was up 9.7 percent at 3.40 pesos. Ayala Land Inc. rose 3.7 percent to 14 pesos.

The peso fell against the U.S. dollar, which was boosted by demand from importers and banks. The dollar closed at 46.64, up from 46.47 pesos on Wednesday.