PSEi back to 7,800

PSE trading floor in BGC

The local stock barometer rallied to the 7,800 level on Tuesday, perked up by the latest rebalancing of the closely-tracked MSCI indices.

The main-share Philippine Stock Exchange index (PSEi) racked up 133.86 points or 1.73 percent to close at 7,885.97, outperforming mostly sluggish regional markets.

The PSEi was lifted by heavyweight SM Prime – which rallied by 7.43 percent and was the day’s most active traded company – on news of a 1.55-percentage point upward adjustment in its MSCI weight.

Outside of PSEi stocks, notable gainers included MacroAsia (MAC) and IMI, which respectively gained 4.96 percent and 4.84 percent. These two companies will join the MSCI Global Small Cap Indices by the close of trading on May 31. On the other hand, Lopez Holdings will be stricken off the same index.

Another notable gainer was Chelsea Logistics, which surged by 12.04 percent on talks that the company led by Davao-based businessman Dennis Uy on talks of positioning to be the third telecom player in the country.