The 30-company Philippine Stock Exchange index advanced by 82.07 points, or 1.32 percent, to close at 6,280.90, while the broader all-shares index climbed 31.48 points, or 0.94 percent, to settle at 3,91.38.
Asian markets also mostly rose Tuesday and oil was subdued as Joe Biden prepared for a trip to the Middle East aimed at preventing the Israel-Hamas conflict spilling over into a regional conflagration. His visit comes after his Secretary of State Antony Blinken returned for a second time since the attacks, and announced that Israel had agreed to work on civilian aid for Gaza as calls mount to let in vital supplies to avert a humanitarian catastrophe.
Stephen Innes at SPI Asset Management added: “The recent risk-off sentiment that had cast a shadow over the markets seems to be easing, partly due to extensive shuttle diplomacy by the White House and other regional actors. Philadelphia Fed chief Patrick Harker said it would be appropriate to be “resolute, but patient” and that only a sharp change in data would warrant another hike, while his Chicago colleague Austan Goolsbee told the FT that slowing inflation was not a blip.