LAST-minute buying enabled the Philippine index to return to positive territory on Tuesday, putting a stop to its preceding back-to-back decline.
The 30-member Philippine Stock Exchange index rose by 0.56 percent, or 40.56 points, to its intraday high of 7,252.10 while the broader All Shares added 0.44 percent, or 19.68 points, to finish at 4,456.52.
Japhet Tantiangco, senior research analyst at Philstocks Financial Inc., said the recent change in the country's Covid-19 risk classification prompted the positive sentiment in the market.
The Department of Health on Monday reported that the Philippines is now considered low risk from its prior moderate risk classification for Covid-19 infections.
Tantiangco added that the overnight performance of Wall Street also provided a boost for the market as the Dow Jones and S&P 500 set record highs.
The Dow Jones, S&P 500 and Nasdaq on Monday climbed by 0.18 percent, 0.47 percent and 0.9 percent, respectively.
Most neighboring Asian markets also followed the rally of US equities.
Tokyo was up 1.77 percent; Seoul gained 0.94 percent; Jakarta improved by 0.39 percent; Singapore added 0.16 percent; Bangkok inched up by 0.12 percent; and Ho Chi Minh rose by 0.54 percent while Shanghai lost 0.34 percent and Hong Kong slipped by 0.65 percent.
Meanwhile, trading was better as net value turnover improved to P6.38 billion, up from Monday's P5.30 billion, but still below the year-to-date average of P7.3 billion.
Foreign funds continued to flow in the market as net foreign buying stood at P127.74 million.
Most local sectors exhibited gains led by the services at 1.9 percent. The property index was the sole loser after slipping by 1.23 percent.
Total volume turnover was at 834.55 million shares valued at P6.43 billion.
Decliners edged out winners at 110 to 89 while 52 securities were unchanged.