PH shares rally, up 1.4%

The local stock barometer rallied on Tuesday, driven mostly by local investors who loaded up on blue-chip stocks.

The main-share Philippine Stock Exchange index (PSEi) racked up 102.87 points, or 1.4 percent, to close at 7,451.08.

“Asian shares got a bounce after reports that Chinese and US trade officials spoke over the phone, a sign that negotiations continue between Beijing and Washington,” Eagle Equities head of research Christopher Mangun said in a research note.

There were 106 advancers that edged out 75 decliners while 53 stocks were unchanged.

The PSEi was boosted by the holding firm and property counters, which surged by nearly 2 percent.

Investors picked up shares of large-cap stocks like Ayala Land, which jumped by 4.22 percent.

Ayala Corp. and GT Capital rose by over 3 percent, while Jollibee and Meralco added over 2 percent.

BDO, AGI and Megaworld were all up by over 1 percent.