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 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.
Megaworld also added 7.64 percent while Ayala Land gained 3.05 percent.
SM Investments and LT Group both gained more than 2 percent, while Ayala Corp. added 1.55 percent.
BPI, URC, GT Capital, Security Bank and AGI likewise gained.
Outside of PSEi stocks, notable gainers included MacroAsia 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.
“The takeaway is that although there should be some initial exuberance for IMI and MAC, caution should be taken in further days as this could turn into a sell on news scenario for others,” local stockbrokerage Papa Securities said.
Another notable gainer was Chelsea Logistics, which surged 12.04 percent on talks that the company led by Davao-based businessman Dennis Uy was in a good position to be the third telco player in the country.
On the other hand, ICTSI, Jollibee, Metro Pacific and Metrobank all slipped.
Total value turnover for the day amounted to P8.66 billion. There were 110 advancers that edged out 91 decliners while 47 stocks were unchanged.
Foreigners helped buoy the index with net foreign buying amounting to P293.36 million.