PSEi rallies past 6,500
More News from Philippine Daily Inquirer
Local stocks rallied Tuesday, allowing the main index to breach 6,500, as investors took heart from unfolding SM property consolidation and the upbeat trading across regional markets.
Rising for the second straight session, the main-share Philippine Stock Exchange index gained 110.81 points or 1.72 percent to close at 6,554.62. The day’s catalyst was the SM group after the completion of the first step in its consolidation.
Joseph Roxas, president of Eagle Equities, said Monday’s block sale had given a “positive psyche” to the market.
Shares of SM units SM Prime, SM Development Corp. and Highlands Prime valued at a total of P64 billion were crossed on the local exchange on Monday, resulting in the consolidation of ownership of SMDC and HP in SM Land, which will later be merged with SM Prime. Doris C. Dumlao
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94