The Philippine Stock Exchange index (PSEi) was up 45.07 points to 6,898.17, a 0.66 percent hike.
The broader All Shares index was up 20.34 points or 0.57 percent to 3,598.55.
Losers narrowly edged gainers 99 to 98 with 48 stocks unchanged. Trading turnover reached P7.62 billion.
The peso closed 56.32 to the dollar, up from 56.39 on Monday.
The currency opened at 56.30, and hit a high of 56.222 and a low of 56.35. Trading turnover reached $1.55 billion.
Most equities in emerging Asia advanced on Tuesday, led by strong performances in Singapore and South Korea, while currencies remained largely subdued as traders were uncertain about the timing of US interest rate cuts, Reuters reported.
Investors, however, are worried that the key US inflation gauge – core personal consumption expenditure (PCE) price index – due on Friday could derail the outlook for lower US rates.
Investors are on the lookout for US consumer confidence and trade figures due later in the day.
Mikhail Philippe Plopenio, anlayst at Philstocks Financial Inc., said the market traded in the red for most of the session, until investors hunted for bargains at the last minute.
“Contributing to the climb was Department of Finance Secretary and Monetary board member Ralph Recto’s statement saying that the BSP (Bangko Sentral ng Pilipinas) may cut interest rates this year by 50 basis points. With Tuesday’s climb, the bourse joins its regional peers,” he said.
Most actively traded International Container Terminal Services Inc. was up P6.80 to P324.
BDO Unibank Inc. was down P2.30 to P151. Bank of the Philippine Islands was down P1.20 to P118. Metropolitan Bank and Trust Co. was up P0.50 to P65.20. SM Investments Corp. was up P2 to P982. Jollibee Foods Corp. was down P3.40 to P254. Ayala Corp. was up P7 to P630. Ayala Land Inc. was up P0.15 to P32.05. SM Prime Holdings Inc. was up P0.80 to P33. Aboitiz Power Corp. was down P0.80 to P35.
