PH shares rally on optimism over US-China trade talks

The benchmark Philippine Stock Exchange index (PSEi) rose with regional bourses ahead of another round of trade talks between the United States and China this week.

By the closing bell on Tuesday, the PSEi rose 0.96 percent, or 73.50 points, to 7,756.72, while the broader all shares index went up 0.48 percent, or 22.2 points, to 4,688.39.

Subsectors were mostly positive save for services, which dropped 0.19 percent. Mining and oil jumped 1.94 percent followed by holding firms, up 1.8 percent, and industrials, up 1.28 percent.

Data from the PSE showed 1.02 billion shares valued at P6.95 billion changing hands. There were 116 gainers versus 66 losers while 51 companies closed unchanged.

The most actively traded stock was property giant SM Prime Holdings, which gained 0.66 percent to P38.20 per share.

It was followed by Universal Robina Corp., up 1.46 percent to P2.30; Bloomberry Resorts Corp., down 0.18 percent to P11; Ayala Corp., up 1.76 percent to P865; and SM Investments Corp., up 3.28 percent to P1,007 a share.

Other actively traded companies were Ayala Land Inc., unchanged at P46.50; International Container Terminal Services, down 1.73 percent to P119; BDO Unibank Inc., up 2.14 percent to P143; Axelum Resources Corp., up 0.21 percent to P4.70 and Jollibee Foods Corp., up 2.73 percent to P226 a share.