Local shares closed higher on Tuesday, buoyed by strong gains in US equities and the smooth conduct of the Philippine midterm elections.
The Philippine Stock Exchange index (PSEi) rose 1.68 percent to 6,566.82, while the broader All Shares index gained 1.13 percent to 3,805.33.
“Local shares kicked off the shortened trading week in the green, lifted by a broad rally in U.S. equities on Monday after a temporary US-China tariff reduction deal eased trade tensions,” said Luis Limlingan, head of sales at Regina Capital Development Corp.
“The positive sentiment spilled over into Asian markets and was further supported by the peaceful conduct of Monday’s midterm elections,” he added.
Most sectors ended in positive territory, except Mining and Oil, which slipped by 1.34 percent. Market breadth was slightly positive, with 96 gainers against 83 losers.
Meanwhile, the peso closed at 55.80 against the US dollar, trading between 55.58 and 55.90 throughout the day. The weighted average stood at 55.71, with total trade volume reaching USD1.88 billion.