PSEi rallies back to 7,200 on SM trade

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INVESTORS went on a buying binge in SM Investments Corp.’s (SMIC) shares, an index heavy weight that lifted PSEi back to the 7,200 territory on Monday.

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The benchmark PSEi jumped by 1.21 percent or 86.82 points to 7,233.09, while the wider All Shares climbed by 0.82 percent or 35.62 points to 4,379.01.

Luis Limlingan, managing director of Regina Capital Development Corp., said market players bought into shares of the Sy-led conglomerate, taking advantage of the price discount after it lost 9.24 percent last Friday.
“The local market rebounded, led by a rally in SM, which climbed by 7.76 percent today after it was sold off heavily last Friday,” Limlingan said.

Limlingan pointed out investors were also pricing into the market an interest rate hike in the US after the Federal Open Market Committee (FOMC) meeting on March 14 to 15.

“After much market drama, another rate increase from the FOMC this week now looks like a foregone conclusion when the committee members meet later this week. This information is already being discounted into the market,” he said.

The Holding Firms index was up 1.90 percent on the back of extensive buying in SMIC shares.

Among the actively traded gainers were Semirara Mining and Power Corp., Ayala Land Inc. and Alliance Global Group Inc. Puregold Price Club Inc. ended flat, while GT Capital Holdings Inc. and PLDT Inc. posted declines.
Some 1.42 billion shares worth P6.45 billion changed hands. At 94 each, advancers and decliners were even, while 43 shares were unchanged.

On Friday, the PSEi dropped 149.18 points or 2.05 percent to 7,146, while the All Shares lost 59.42 points or 1.35 percent to end at 4,343.39.

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