PESO EXTENDS GAINS; PROPERTY PLAY PUSHES PSE INDEX TO ALL TIME HIGH
MANILA, MAY 17, 2007 (MALAYA) The Philippine Stock Exchange index reached an all time high of 3,451.73 points before profits takers trimmed off gains. The peso, meanwhile continued gaining against the US dollar, helped by strong inflows of foreign direct investment and remittances from Filipinos working abroad.
After a rigorous play on property companies led by Megaworld the PSEi closed almost flat at 3,409.20 points. The market’s previous all-time high was set in February 3, 1995 at 3,447.60.
Market turnover reached 5.14 billion shares for P6.05 billion.
Heaviest play was on Megaworld P802 million, Ayala Land, P430 million; SM Investment, P370 million; Robinson’s Land P291 million.
San Miguel’s "A" share rose by another 5.3 percent on top of Tuesday’s gains of seven percent after an anti-graft court confirmed that a 24 percent stake in the firm belonged to the government, moving the country closer to one of its biggest privatization deals.
The peso meanwhile hit a new 7 year high of 46.92 to the US dollar and closed at 46.935, up from Tuesday’s close of 47.96 and better than Tuesday’s high of 46.95.
The total trade at the Philippine Dealing System reached $616 million.
Filinvest Land, Inc., Lepanto Corp. and Banco de Oro shares rose but Lopez companies Manila Electric Co., First Philippine Holdings, Inc., and Benpres Holdings Corp. were sold down.
Most actively traded Megaworld Corp. went up P0.10 to P3.90.
Equitable PCI Bank Inc. went up P3 or 2.75 percent to P112. Filinvest Land Inc. was up P0.08 to P1.80.
SM Investments Corp. rose P10 to P402.50.
Philippine Long Distance Telephone Co. was down P20 to P2,545.
Meralco A shares lost P3 to P78, B shares shed P3.50 to P77.50.
First Philippine Holdings Corp. shed P3 to P73.
Benpres Holdings Corp. was down P0.10 to P3.85.
Chief News Editor: Sol Jose Vanzi
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