PSEi moves up as investors anticipate NCR’s reopening

/ 05:20 AM May 28, 2020

Shares of Lopez-led First Gen Corp. sizzled at the local stock market on Wednesday follo­wing a tender offer at a premium price made by a unit of American private equity firm KKR.

First Gen outperformed the main-share Philippine Stock Exchange index (PSEi), which added 26.95 points or 0.49 percent to close at 5,523.78.


The Singapore-based unit of KKR, Valorous Asia Holdings Pte. Ltd., offered to acquire for investment purposes at least 6 percent to as much as 9 percent of First Gen’s shares at the price of P22.50 per share. This represented a 35.05 percent premium over the three-month volume-weighted average price (VWAP) of First Gen, and a 19.23 percent premium over the six-month VWAP.

First Gen’s shares surged by 14.15 percent to close at P20.25 per share on Wednesday, moving closer to the tender offer price. This gave the company a market capitalization of P63.8 billion.


Elsewhere in the region, trading sentiment was mixed. At the local market, traders are anticipating the reopening of the National Capital Region (NCR) after a two-month lockdown promp­ted by the coronavirus pandemic.

Most investors have already anticipated the shift to gene­ral community quarantine after May, which means more restrictions will be relaxed, local stock brokerage Papa Securities said.

The local stock market was led higher by the mining/oil counter, which rose by 2.95 percent, and the industrial counter which added 1.53 percent.

The financial and holding firm counters also gained ground.

On the other hand, the services and property counters both slipped.

Value turnover for the day amounted to P5.48 billion.

There were 99 advancers that edged out 78 decliners, while 47 stocks were unchanged.


Metro Pacific also contri­buted to the PSEi’s gains, rising by 5.77 percent. Ayala Corp. added 3.21 percent.

Fast-food giant Jollibee recouped 2.52 percent after the previous day’s selldown.

SM Prime, BDO, Universal Robina, Security Bank and Metrobank all rose by over 1 percent, while Meralco added 0.36 percent.

On the other hand, Ayala Land fell by 2.17 percent, while GT Capital and Globe Telecom both slipped by over 1 percent.

SM Investments, PLDT, Puregold, ICTSI and JG Summit all dipped. —DORIS DUMLAO-ABADILLA

Subscribe to Inquirer Business Newsletter
Read Next
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: First Gen Corp., Local Stock, Philippine Stock Exchange index (PSEi)
For feedback, complaints, or inquiries, contact us.

© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.