SM-2Go deal buoys PSEi

Philippine equities rebounded on Monday, as market players focused on SM Investments Corp.'s (SMIC) entry into the logistics business via 2Go Group.

"Everybody's attention is on 2Go. SM bought a stake, and the market is reacting to it," Miko A. Sayo, trader at AP Securities Inc., said.

The main PSEi gained 29.93 points or 0.41 percent to close at 7,341.65. The broader All Shares grew 13.71 points or 0.31 percent to 4,413.42.

SM Investments Corporation (SMIC) on Friday announced the completion of an acquisition deal covering a minority stake in 2Go Group via a 34.5-percent stake in its parent company.

Aside from the SM-2Go transaction, Sayo noted the market was sideways on lack of leads.

"It's still moving sideways. Nothing's going on. Everybody's attention was there. Value turnover was pretty low," Sayo said.

More than 1.020 billion shares, valued at P6.242 billion, changed hands. Winners led losers, 99 to 81, and 49 issues were unchanged. — VDS, GMA News