Newbie rallies PH shares as Ukraine woes take back seat
Philippine shares rebounded on Tuesday after Citicore Energy REIT Corp.’s (CREIT) share listing debut powered trading activity while conglomerate SM Investments Corp. saw a sharp recovery.
The benchmark Philippine Stock Exchange (PSE) index jumped 0.93 percent, or 68.66 points, to 7,440.91 while the broader all-shares index added 0.56 percent, or 21.85 points, to 3,938.51.
Gains during the session came despite depressed sentiments in regional markets amid geopolitical tensions at the Ukranian border.
CREIT, an affiliate of Megawide Construction Corp., surged over 11 percent on heavy volume during its debut, which allowed the company to raise P6.4 billion to finance its expansion.
SM Investments rises by 4%
PSE index heavyweight SM Investments also rose over 4 percent, paring losses following its removal from the FTSE Global Asia-Pacific Index the previous day.
Among subsectors, holding firms jumped 1.91 percent, followed by mining and oil, up 1.86 percent, services, up 1.14 percent and industrial, up 0.45 percent. Property and financials lost 0.22 percent and 0.10 percent, respectively.
Article continues after this advertisementPSE data showed 3.13 billion shares valued at P12.85 billion changing hands while foreigners were net buyers to the tune of P510.33 million.
Article continues after this advertisementLosers outpaced advancers, 98 to 94, while 54 companies closed unchanged.
Citicore was the top traded company, rallying 11.37 percent to P2.84 per share.
It was followed by SM Investments, up 4.07 percent to P895; International Container Terminal Services Inc., up 3.77 percent to P220; SM Prime Holdings Inc., down 0.13 percent to P39.85; and DITO CME Holdings Corp., up 4.39 percent to P6.90 per share.
Solar Philippines rose 3.23 percent to P1.92, Ayala Corp., was flat at P860, Bank of the Philippine Islands, down 0.70 percent to P99, Ayala Land Inc., down 0.50 percent to P39.50, and BDO Unibank Inc. ended flat at P135.
