MANILA - Philippine share prices closed 0.83% higher Thursday with mining stocks in demand on rising metal prices, dealers said.

The composite index added 25.52 points to 3,089.82, while the all shares index gained 0.46% or 8.78 points to 1,910.72.

A total of 2.76 billion shares worth P2.85 billion ($60.99 million) changed hands though decliners outnumbered advancers, 59 to 51 with 61 unchanged.

The peso traded at 46.714 to the dollar in the morning.

"Investors are taking profit on some stocks, shifting funds on mining companies to take advantage of the gold rally," Nisha Alicer of DA Market Securities told Dow Jones Newswires.

Gold was trading at record levels above $1,190 an ounce on Thursday as the greenback continued to decline.

Traders expect the key index to stay in a narrow 3,050-3,100 point band in the near term but warned that investors may take profit Friday ahead of a long weekend.

The market is closed Monday for a public holiday and trading resumes Tuesday.

Top-traded Century Peak Metals added 4.48% to P7, while Philippine Long Distance Telephone rose 0.77% to P2,610.

Philex Mining ended unchanged at P19.25.