Reopening talks lift stock index back to 7,000

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.

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.

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