Stock index gains close to 2.5 percent
Philippine stocks jumped on Wednesday in line with regional markets, with the main index soaring 2.47 percent.
The Philippine Stock Exchange index closed at 7,030.95 up 169.64 points. Volume reached 1.38 billion shares valued at P7.59 billion. Foreign buying was P3.64 billion and foreign selling P3.45 billion.
On Tuesday, volume reached 664.21 million shares valued at P2.68 billion. Foreign buying amounted to P1.55 billion while foreign selling fetched P1.23 billion.
The peso improved to P49.650 against the US dollar from Tuesday’s P49.775. Volume at the Philippine Dealing System reached $529.50 million from the previous $414.80 million.
Meanwhile, BDO Unibank, Inc. released details on its P60 billion stock rights offer.
In a disclosure to the Philippine Stock Exchange, rights offering of up to 716.4 million common shares cover stockholders as of record date January 10 2017.
Each stockholder is entitled to subscribe to one common share for every 5.095 common shares held as of record date at an offer price of P 83.75 per rights share, the disclosure said. The offer price is based on the 15-day volume-weighted average price of BDO common shares listed at the PSE at a discount of 23.4 percent.
The stock rights offer will commence at 9 am on January 16 and end at 12 pm. on January 24 2017.
“The fresh capital will support the bank’s medium-term growth objectives amid the country’s favorable macroeconomic prospects and provide a comfortable buffer over higher capital requirements with the forthcoming imposition of the domestic systemically important bank surcharge,” BDO said in the disclosure. DMS