MANILA -- Ayala Land Inc shares rebounded on Tuesday after it clarified its lease agreement with the University of the Philippines over an IT park in the capital.

The developer's statement that it paid UP more for the Technohub lease than what was earlier reported was "welcome news," said First Metro Equities analyst Royce Aguilar.

Ayala Land was up 2.72 percent at noon trading, bucking the weakness in the main index, which was down 0.97 percent.

On Monday, Ayala Land said the 25-year lease had been "fruitful and beneficial for UP, ALI and the community." The developer said it issued the statement in response to news reports that quoted Presidential Spokesperson Salvador Panelo as saying that, based on what he read, the lease could be disadvantageous to the university.

• Ayala open to 'transparent review' of UP Technohub deal amid probe threat

The Ayala group's property arm is the latest to come under scrutiny. President Rodrigo Duterte earlier criticized as "onerous" government's concession deal with Manila Water, leading to a renegotiation of the contract.