The stock market rose for the second consecutive day to 6,560.06, as the benchmark Philippine Stock Exchange index went up 1.76 percent translating to a change of 113.75.
The stock market was covered in green, led by the mining and oil index which rose 2.41 percent.
The peso closed strong to 49.61 from 49.90 on Monday.
The currency opened at 49.90 and hit a low of 49.61 and a high of 49.98. Trading volume amounted to $1 billion.
“Philippine shares continued to be bought up as concerns about the delta variant took a back seat for now, as earnings from major heavyweights continued to pour in either in line or better than expected,” said Luis Limlingan of Regina Capital Development Corp.
“Others are keeping an eye on the July inflation report, which many believe will fall below the psychological four percent mark,” he added.
The rest of the sectors posted increases, with financials up 2.25 percent, property by 2.05 percent, holding firms by 1.55 percent, industrial by 1.5 percent, and services by 1.19 percent.
Tuesday’s total value turnover was at P4.89 billion.
Advancers toppled decliners, 126 to 57, while 54 stocks were unchanged.
Asian equities were mixed on Tuesday, as uncertainties surrounding the impact of rising coronavirus cases in the region weighed, with Singapore stocks leading the losses ahead of crucial earnings out later this week.
Singapore’s benchmark index fell more than 1 percent in its worst session in over two weeks, as losses in the financial sector drove the bourse lower.
Virus-led restrictions in Manila were extended on Monday, while neighboring Malaysia reported a record 219 coronavirus deaths.
Indonesia stocks rose after the country’s health minister said on Monday that the wave of coronavirus infections had passed its peak and the central bank promised to hold rates at record lows at least until late 2022.
