At long last, 7,000 yields on massive power from telco, internet stocks

The benchmark Philippine Stock Exchange Index (PSEi) broke past the 7,000 psychological barrier on Wednesday as heavyweight telco and internet stocks rallied.

By the closing bell, the PSEi ended stronger by 1.09 percent, or 76.21 points, to 7,057.45 while the broader all-shares index gained 1.17 percent, or 50.97 points, to 4,409.14.

Trading volume was dominated by Converge ICT Solutions and Globe Telecom, which hit new record highs, as well as PLDT Inc.

Converge’s share price was propped up by its inclusion in the benchmark Financial Times Stock Exchange (FTSE) Asean Stars Index.

The measure is comprised of the top 30 companies in the exchanges of six countries in Southeast Asia, namely Indonesia, Malaysia, Singapore, Thailand, Vietnam and the Philippines.

“We are pleased to see an improvement in the weights of Converge stocks across all FTSE indices as it reflects the continued strong growth of the company amid our fiber rollout nationwide,” said Converge president Maria Grace Uy in a statement announcing the development.

Shares of Wilcon Depot Inc. also soared over 8 percent after the Philippine Stock Exchange (PSE) announced it will be included in the PSEi effective Oct. 11, replacing First Gen Corp.

Property and services were the leading subsectors, rising by 2.36 percent and 2.32 percent, respectively.

Data from the PSE showed 2.7 billion shares valued at P9.55 billion changing hands on Wednesday.

There were 113 gainers versus 92 decliners, while 41 companies closed unchanged.

Globe Telecom was the most actively traded company on Wednesday as it jumped 9.51 percent to P3,410 per share. It reached a high of P3,418 earlier in the session.

Converge gained 4.76 percent to P44 per share, after touching a high of P45.40 per share.

It was followed by PLDT Inc., up 1.12 percent to P1,710; Wilcon Depot Inc., up 8.1 percent to P31.35; AC Energy Corp., up 3.68 percent to P12.40; and Ayala Corp., down 0.12 percent to P820.

Other actively traded names were BDO Unibank Inc., up 1.78 percent to P114.50; Robinsons Retail Holdings Inc., up 4.98 percent to P61.10; LT Group Inc., down 2.4 percent to P9.75; and SM Prime Holdings, up 3.05 percent to P33.80 per share.