MANILA - Philippine share prices closed 1.01% higher Thursday on selective buying of blue-chips, dealers said.

The composite index added 30.69 points to 3,083.30. The all-shares index rose 0.67%, or 12.91 points, to 1,919.19.

A total of 2.36 million shares worth P3.06 billion ($65.31 million) changed hands.

Decliners led advancers 60 to 55 while 60 issues closed unchanged and the peso averaged 46.85 against the dollar.

"Investors are now shifting back to blue-chips as growth stocks are already overbought," Emmanuel Soller of Equity World Securities told Dow Jones Newswires.

He said the market may continue to gain Friday, particularly if overseas equities markets advance.

Among the day's gainers were Manila Electric Co., which added 3.70% to P224, and Philippine Long Distance Telephone, which inched up 0.39% to P2,550.