Stocks gain slightly on late rally
A late rally pulled the Philippine Stock Exchange index into positive territory on Tuesday, as it closed with slight gains.
The index, which was down at least 50 points in the morning, gained 30 points to close at 6,806.14. The rally was supported by Ayala Land Inc and SM Prime Holdings.
But the broader market was negative with 112 declines compared to 68 advances. Forty-four shares were unchanged. Foreign sellers were slightly higher as P3.86 billion worth of issues were sold compared to P3.851 billion worth of stocks bought.
The peso gained slightly, closing at P49.59 against the dollar from P49.69 on Monday.
Property developer ArthaLand listed two billion pesos in preferred shares at the Philippine Stock Exchange to finance its expansion.
ArthaLand plans to build Visayas’ largest business process outsourcing facility in Cebu, with up to 88,000 square meters in leasable space, company treasurer, Leonard Po told ANC.
Philippine Long Distance Telephone declared a cash dividend of P2.4 million for outstanding voting preferred shares for quarter ending Jan 15, 2017, as of December 20 record date. DMS
