PH stocks rebound, back to 8,000 level

Philippine stocks rebounded with the rest of the region on Tuesday as worries over a trade war between the United States and China eased.

The benchmark Philippine Stock Exchange Index (PSEi) rose 1.45 percent or 114.65 points to 8,047.03 yesterday after reports emerged on potential negotiations between the US and China.

The broader all shares index was up 1.21 percent to 4,854.46.

All subsectors ended in the green, with financials posting the biggest gain at 2.21 percent. It was followed by property, up 1.99 percent, services, up 0.93 percent, and industrial companies, up 0.92 percent.

Still, trading was relatively thin as investors likely stayed away from taking big positions ahead of the Holy Week.

A total of 2.92 billion shares valued at P6.55 billion changed hands on Tuesday.

Data from the PSE also showed that 148 companies gained while 64 closed in the red and another 33 ended unchanged.

Ayala Land Inc. was the most actively traded on Tuesday.

The property developer, owned by Ayala Corp., gained 2.49 percent to P41.10 per share.

It was followed by Metropolitan Bank and Trust, up 3.37 percent to P85.80, BDO Unibank Inc., up 1.45 percent to P140, NOW Corp., up 14.6 percent to P7.85, and SM Prime Holdings, up 1.92 percent to P34.50 per share.