The benchmark Philippine Stock Exchange Index (PSEi) gained ground on Monday, lifted by top property developers and commodities darling Semirara Mining and Power Corp.
The PSEi ended the session higher by 1.11 percent, or 65.58 points, to 5,970.33 while the broader All Shares index rose 0.66 percent, or 20.89 points, to 3,198.63.
Trading volume likewise increased, with 541.9 million shares valued at P6.64 billion changing hands. Foreign selling edged out buying by a net figure of P36.51 million, data from the stock exchange showed.
Conglomerates and property stocks climbed while index member Semirara, a beneficiary of the commodity price surge, jumped over 2 percent after declaring “record-high” cash dividends.
Semirara, owned by Consunji-led DMCI Holdings, announced special dividends of P3.50 per share that would be paid out on Nov. 15 to shareholders on record as of Oct. 31 this year.
Investors also digested government data showing remittances from overseas Filipinos rising 4.4 percent to $3.02 billion in August. This brought year-to-date inflows to $23.3 billion, up 3 percent.
SM Prime Holdings Inc. was the top traded stock as it rose 3.77 percent to P33 per share.
It was followed by Semirara, up 2.47 to P41.50; Ayala Land Inc., up 1.91 percent to P23.95; BDO Unibank Inc., down 1.67 percent to P118; and Universal Robina Corp., up 0.09 percent to P112 per share.
SM Investments Corp. rose 4.86 percent to P799; DMCI Holdings Inc., up 4.33 percent to P10.60; Converge ICT Solutions Inc., up 2.4 percent to P12.80; PLDT Inc., up 1.4 percent to P1,450; and Bank of the Philippine Islands, down 1.09 percent to P90.50 per share.
Overall, there were 87 advancers against 76 decliners while 49 companies closed unchanged, data from the stock exchange showed. INQ