Reopening talks lift stock index back to 7,000 | Inquirer Business
Close  
STOCK MARKET

Reopening talks lift stock index back to 7,000

/ 04:15 AM April 20, 2022

The benchmark Philippine Stock Exchange index (PSEi) closed above 7,000 on Tuesday as investors weighed a proposal by the National Economic and Development Authority (Neda) to further reopen the economy.

The PSEi added 0.6 percent or 41.63 points to end at 7,037.74 while the broader all-shares index rose 0.51 percent or 18.96 points to 3,742.92. Neda said in a report on Monday it would push for the implementation of the lowest pandemic alert level nationwide to help ramp up economic activity. This helped prop up the market, which had been trending lower amid fears over rising inflationary pressure.

ADVERTISEMENT

Market-moving news

There were also some news-driven movements during the session.

PLDT Inc. rose 0.37 percent after announcing the P77-billion sale and leaseback of nearly half of its cell towers, and a planned special dividend of up to P9 billion later this year.

FEATURED STORIES

Newly listed CTS Global Equity Group Inc. fell nearly 10 percent to close under its P1 initial public offering price after disclosing a 57-percent drop in 2021 profits as international trading revenues took a hit. It fell 9.26 percent to P0.98.

Bourse volume moved higher with 988.95 million shares valued at P5.2 billion changing hands. A total of 102 companies gained against 83 losers while 46 closed unchanged.

High-volume trades

Converge ICT Solutions Inc. saw the most active trades on Tuesday as it rose 1.49 percent to P30.60 per share.

It was followed by SM Investments Corp., up 0.75 percent to P871.50; PLDT Inc., up 0.37 percent to P1,899; BDO Unibank Inc., up 0.31 percent to P129.80; and International Container Terminal Services Inc., up 0.54 percent to P224.80 per share.

Globe Telecom was up 1.98 percent to P2,472; SM Prime Holdings Inc., up 0.27 percent to P37.25; Ayala Corp., up 0.26 percent to P769; and Nickel Asia Corp., up 5.42 percent to P8.17 per share. INQ

Read Next
Don't miss out on the latest news and information.

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: Business, Philippine Stock Exchange index (PSEi), PSEi, stocks
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 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.