Property, internet firms invigorate PSEi to reclaim 7,400 level

The Philippine Stock Exchange index (PSEi) rallied on Wednesday, with large property and internet companies pushing up the benchmark measure by over 140 points.

By the closing bell, the PSEi jumped 1.95 percent, or 142.88 points, to 7,452.82 while the broader all-shares index was up 1.82 percent, or 70.34 points, to 3,930.54.

Index gainers were led by property giants SM Prime Holdings Inc. and Ayala Land Inc.

Globe claws back loses

Internet-centric services such as Converge ICT Solutions, whose billionaire-owner Dennis Anthony H. Uy announced earlier the lease of ground infrastructure assets to Elon Musk’s satellite broadband venture, and Globe Telecom also clawed back losses from previous sessions.

Gains on Wednesday were supported by overseas buying as fears over Russia invading Ukraine abated amid reports that the former’s troops were returning to their bases.

PSE subsectors closed higher, led by property and services, which jumped 4 percent and 2.40 percent each.

Industrial gained 1.7 percent, followed by mining and oil, up 1.64 percent, holding firms, up 1.06 percent and financials, up 0.69 percent.

PSE data showed 1.16 billion shares valued at P9.53 billion were traded. Foreign buyers also returned, snapping up shares worth a net amount of P893.43 million.

SM Prime Holdings Inc., up 5.48 percent to P38.50 per share, was the most active company on Wednesday.

It was followed by Converge ICT Solutions Inc., up 8.04 percent to P27.55; Ayala Land Inc., up 2.91 percent to P38.90; Emperador Inc., up 2.26 percent to P19.90; and Globe Telecom, up 2.57 percent to P2,790 per share.

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The article was originally published in Inquire and written by Miguel R. Camus.