The PSEi settled at 6,518.77, up 2.83%, bringing its gains over three sessions to 6.5 percent almost paring last week's loss.
Among the day's gainers were Alliance Global, which jumped nearly 4% to P23.50; SM Prime Holdings, which surged 3% to P16.96 and Universal Robina Corp., which surged 3% to P119.
Metro Pacific also rose 2.2% to P5.55, after confirming it is in talks for the acquisition of hospitals in Tarlac and Cebu.
At the foreign exchange market, the peso weakened by 25 centavos, closing at 43.12 against the US dollar.
Most Asian stocks up
Meanwhile, most Southeast Asian stocks rose for a third session on Tuesday as recently oversold shares continued to rebound, but volume slid as investors waited for more clarity on the U.S. Federal Reserve's stimulus program.
Jakarta's Composite Index rose 1.4 percent, adding to the previous two-session rally of 3.6 percent, while Singapore's Straits Times Index climbed 1.5 percent after a combined gain of 1.7 percent on Monday and Friday.
The Thai benchmark SET index bucked the trend, dropping nearly 3 percent to 1,427.42, as market players took profits late in session with the index near a psychological resistance of 1,500.
"The uncertainty about the U.S. stimulus policy is still in the market and we have those short-term players who wanted to lock profits after two-day gains," said Teerawut Kanniphakul, a strategist at CIMB Securities (Thailand).
The Thai stock market racked up a 4.8 percent gain in two sessions to Monday due to short-covering, but concerns about the U.S. monetary policy kept more investors on the sidelines. - With reports from ANC and Reuters
source: www.abs-cbnnews.com
