Philippines share prices closed 1.33 percent higher on Tuesday, buoyed by gains on Wall Street overnight, dealers said. The composite index added 30.21 points to close at 2,309.58 while the all-shares index added 1.27 percent, or 18.72 points, to 1,484.56.
Some 1.83 billion shares worth 2.42 billion pesos (51 million dollars) changed hands. Advancers trumped decliners 83 to 41 while 44 issues closed unchanged. The peso traded at 47.40 to the greenback, after closing at 47.53 Monday.
"The market now is where we were hoping it to be a few weeks back so I'm looking for a correction," Joseph Roxas, of Eagle Equities Inc, told Dow Jones Newswires.
But while the market may be in for a fall, positive sentiment on the global economy was expected to continue lifting it in medium term, Roxas added. Conglomerate Ayala Corp added 4.9 percent to close at 267.50 while geothermal power producer Energy Development Corp added 2.6 percent to 3.90 pesos.