The benchmark Philippine Stock Exchange Index (PSEi) reclaimed more lost ground on Tuesday while most regional indices closed positive. Billionaire Andrew Tan’s Megaworld Corp. was also roiled by news of a closure order that was resolved later in the day.
The PSEi ended the session up 1.42 percent, or 92.54 points, to 6,594.66 while the broader all shares index rose 0.78 percent, or 27.37 points, to 3,533.65.
“Investors continued to bargain hunt into the Philippine market despite global inflation concerns with some investors worried the world economy could ultimately tip into a recession,” Luis Gerardo Limlingan, managing director at Regina Capital Development, said in a research note on Tuesday.
Holding firms outperformed with a gain of 2.13 percent, followed by the property subsector’s 1.67-percent increase.
‘Tax issue’
Megworld was among the top traded stocks during the session. Shares of the property giant plunged over 9 percent intraday after the Bureau of International Revenue said it would issue a “closure order” against the company.
It swiftly recovered before closing at the session high of P2.80 per share, up 2.94 percent. After the market closed, Megaworld said it was cooperating with the tax agency and the issue had been “resolved” although no further explanation was provided.
Meanwhile, PSE data showed 1.17 billion shares valued at P7.32 billion changing hands while foreigners remained net sellers amounting to P65 million.
Gainers outnumbered losers 109 to 88 while 50 companies closed unchanged.
SM Prime Holdings Inc. was the most actively traded on Tuesday as it gained 0.82 percent to P36.80 per share.
It was followed by BDO Unibank Inc., up 0.4 percent to P126.50; International Container Terminal Services Inc., down 2.22 percent to P203; Converge ICT Solutions Inc., up 0.18 percent to P27.85 and PLDT Inc., up 0.77 percent to P1,965 per share.
Other active names were Megaworld, up 2.94 percent to P2.8; Monde Nissin Corp., up 1.96 percent to P14.60; Ayala Land Inc., up 3.70 percent to P29.45; Ayala Corp., up 3.37 percent to P675; and SM Investments Corp., up 2.97 percent to P832 per share.