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