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Sy, Ayala property companies lift PSEi

April 26, 2019

LOCAL shares rallied for a second day on Thursday, with the gains attributed to property companies SM Prime Holdings Inc. and Ayala Land Inc.

The benchmark Philippine Stock Exchange index (PSEi) rose by 0.61 percent or 47.46 points to close at 7,894.45 after trading most of the day flat. The wider All Shares grew by 0.45 percent or 21.61 points to finish at 4,867.66.

P2P Trade Online sales associate Gabriel Jose Perez said SM Prime and Ayala Land buoyed the market after reaching new record highs.

The Ayala-led real estate firm’s shares finished up by 3.13 percent or P1.50 to P49.50 apiece. The Sy-led property developer’s shares grew by 2 percent or 80 centavos to close at P40.80 each.

Ayala Land announced on Wednesday that it would list on the Real Estate Investment Trust (REIT) market its offices within the Makati central business district with a portfolio size of $500 million or P26 billion. The application will be filed under existing rules of 67-percent minimum public ownership.

AAA Southeast Equities Inc. President Matthew Cabangon shared Perez’ view, saying market players snapped up property stocks, as they were considered “safe haven.”

“Market for the last day of the week should take its cues from these heavyweights if they continue their upward push,” he added.

The local market bucked most of its global counterparts. On Wall Street, the Dow Jones and S&P500 were down by 0.22 percent, while Nasdaq dropped 0.23 percent.

In the region, only Tokyo and Bangkok finished in the green, up 0.48 percent and 0.12 percent, respectively.

Elsewhere, Shanghai plunged 2.43 percent, Hong Kong declined 0.86 percent, Seoul decreased 0.48 percent, Jakarta fell 1.36 percent, and Singapore slipped 0.33 percent.

In Manila, mining and oil, holding firms, and industrial sectors were down 0.66 percent, 0.42 percent and 0.12 percent, respectively.

More than 743 million issues were traded, valued at P6.5 billion.

Winners led losers, 96 to 92, while 57 issues were unchanged.

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