Shares usher in PSEi tweaks with strong start to the week

MANILA  -The Philippine Stock Exchange index (PSEi) closed modestly higher ahead of changes to the composition of the benchmark measure.

The PSEi added 0.49 percent, or 30.05 points, to 6,172.84 while the broader All Shares index was up 0.25 percent, or 8.20 points, to 3,325.15.

Major movers included Aboitiz Power Corp. (+4.4 percent ) and Bloomberry Resorts Corp. (+1.70 percent). The PSE is removing Aboitiz Power, which breached the minimum public float rule, effective at the start of trading today, Sept. 26, and will replace the stock with Bloomberry.

READ: Aboitiz Power, MPIC kicked out of PSEi after public float downsized

Effective at the start of trading on Sept. 27, Metro Pacific Investments Corp. (+1.17 percent) will be replaced by Century Pacific Food Inc. (-0.17 percent).

Meanwhile, a total of 1.79 billion shares valued at P8.48 billion changed hands while foreigners were net sellers of an amount totaling P316.23 million, data from the stock exchange showed.

Mining and oil (-0.03 percent) was the sole losing subsector while gainers were led by holding firms (+0.81 percent) and property (+0.51 percent).

Aboitiz Power was also the top traded stock on Monday as its shares hit P32.10 apiece. It was followed by Bloomberry Resorts at P10.78 per share; BDO Unibank Inc., up 1.53 percent to P133; Integrated Microelectronics Inc., up 2.39 percent to P3.85; and Century Pacific Food Inc., down 0.17 percent to P29.70.

Ayala Land Inc. was up 2.15 percent to P28.45; SM Investments Corp., up 2.92 percent to P827.50; PLDT Inc., up 0.95 percent to P1,165; International Container Terminal Services Inc., up 0.10 percent to P204; and Bank of the Philippine Islands, down 0.92 percent to P107.50 per share.

Overall, there were 89 losers against 85 advancers while 47 companies closed unchanged. INQ