Share prices closed up Monday on bargain hunting. The peso closed up.
The Philippine Stock Exchange index (PSEi) was up 1.08 points to 6,444.08, a 0.02 percent hike.
The broader All Shares index was up 4.16 points or 0.12 percent to 3,425.71.
Gainers edged losers 96 to 82 with 47 stocks unchanged. Trading turnover reached P3.63 billion.
The peso closed at 57.54 to the dollar, up from 57.65 on Friday.
The currency opened at 57.555 and hit a high of 57.41 and a low of 57.60. Trading turnover reached $1.16 billion.
Luis Limlingan, managing director at Regina Capital and Development Corp., said despite the uptick, the market “started the week quietly on thin volume as the market awaits further updates on the geopolitical front.”
Limlingan, said investors will be on watch for a number of key economic data for the week
Most actively traded SM Investments Corp. was down P13.50 to P935. Ayala Land Inc. was up P0.50 to P27.50. Metropolitan Bank and Trust Co. was up P1.90 to P69. Ayala Corp. was down P9 to P581. International Container Terminal Services Inc. was down P3.40 to P325.
Cemex Holdings Philippines Inc. was down P0.48 to P1.68. SM Prime Holdings Inc. was up P0.60 to 27.90. Bank of the Philippine Islands was down P3 to P121. BDO Unibank Inc. was up P1.30 to P146.80. DigiPlus Interactive Corp. was up P0.56 to P10.16.
Meanwhile, the Philippine Stock Exchange (PSE) expressed optimism about closing its acquisition of Philippine Dealing System Corp. (PDS) this year.
The PSE is a part owner of PDS.
Ramon Monzon, PSE president, said the exchange got the exemptive relief it was asking the Securities and Exchange Commission (SEC) on ownership in an exchange like the PDS.
The PSE owns 20.98 percent of PDS, which is more than the cap of 20 percent.
The PDS operates the country’s so secondary market platform for fixed income securities – Philippine Dealing and Exchange Corp. (PDEx).
Monzon said the PSE is waiting for the renewal of the Bankers Association of the Philippines’ (BAP) special power of attorney for the bank-owners of PDS before its restarts negotiations anew.
Monzon said the PSE has signed a shareholders’ agreement with BAP for the purchase prior but was stalled by the delay in the SEC’s approval for an exemptive relief.
Monzon expressed confidence of convincing the other shareholders of PDS Singapore Stock Exchange, Whistler Technologies Services Inc., Tata Consulting Services ASia, San Miguel Corp., FINEX, and the Social Security System.
