Boosted by AllHome’s IPO, PSEi posts 1.09% gain

The benchmark Philippine Stock Exchange Index (PSEi) gained on Thursday as buying activity perked up due to the listing of property billionaire Manuel Villar Jr.’s AllHome Corp., the country’s biggest initial share sale in three years.

By the closing bell, the PSEi gained 1.09 percent or 83.78 points to 7,765.03 while the broader all-shares index was up 0.77 percent or 35.91 points to 4,691.90.

All subsectors gained yesterday, led by financials, up 1.75 percent, followed by property, 1.34 percent and services, up 0.88 percent.

Data from the PSE showed there were 93 gainers versus 87 decliners while 53 companies closed unchanged.

Trading volume surged as 1.36 billion shares valued at P14.46 billion changed hands.

There was also heavy foreign activity on Thursday. Data from the PSE showed foreigners were net buyers to the tune of P5.07 billion.

AllHome was the most actively traded on Thursday with a volume of P2.84 billion. The company, which raised P14.9 billion during its initial public offering, rose 0.52 percent to P11.56 per share.

It was followed by International Container Services Inc., up 1.72 percent to P118, Bank of the Philippine Islands, up 1.69 percent to P93.05, Alliance Global Group Inc., down 2.2 percent to P10.66, and SM Prime Holdings, up 2.53 percent to P38.50 per share.