PSEi ends in green as market buys select heavyweight stocks

Philippine share prices closed largely in the green on Thursday, helped by buying in select heavyweight stocks.

The benchmark PSEi gained 47.46 points or 0.61 percent to 7,894.45 at the closing bell. The broader All Shares increased by 21.61 points or 0.45 percent to 4,867.66.

"The last-minute buying spree in the largest property stocks and industry heavyweights Ayala Land and SM Prime Holdings lifted our index," Timson Securities equity trader Jervin de Celis said.

"ALI has also filed its first REIT (Real Estate Investment Trust) offer and SMPH may also follow. This may help companies to raise more funds for business expansion," de Celis said.

For his part, P2P Trade Online sales associate Gio Perez said ALI had the highest net foreign buying print of P272 million, while SMPH had P59 million.

"Heavyweights ALI and SMPH reaching new highs led the index's move," Perez said.

More than 743.972 million shares valued at P6.533 billion, changed hands. Advancers led decliners, 96 to 92, and 57 issues were unchanged. — BM, GMA News