MANILA, Philippines - Philippine share prices closed 0.52% higher Thursday, lifted by gains in blue-chips, dealers said.

The composite index added 15.78 points to 3,048.15. The all-shares index added 0.40%, or 7.75 points, to close at 1,901.40.

A total of 1.65 billion shares worth P3.97 billion ($85.52 million) were traded.

Decliners led advancers 59 to 42, while 62 issues closed unchanged.

The peso averaged 46.42 to the US dollar in early trade.

"We're just moving sideways, probably building momentum for the usual 'Santa Claus rally' which could start next week," Joey Roxas of Eagle Equities told Dow Jones Newswires.

Among the day's gainers were Aboitiz Power, which added 2.3% at P8.60 and geothermal power producer Energy Development which rose 5.8% at P4.55.