PSEi ends week slightly higher on PLDT's stock price surge

The share prices on the Philippine Stock Exchange ended the week slightly higher pushed by stock price increase of Philippine Long Distance Telephone Co. (PLDT).

The benchmark PSEi gained 35.30 points or 0.48 percent to 7,411.68 at the closing bell. The broader All Shares increased 18.33 points or 0.41 percent at 4,435.19.

More than 1.542 billion shares valued at P8.967 billion, changed hands. Advancers led decliners, 99 to 75, and 46 issues were unchanged.

"Market was basically flat but ended on a high note. PLDT was responsible for the uptick as the company will benefit from the recently announced Metro Pacific Investments Corp.(MPIC) and GT Capital Holdings Inc. deal," Astro del Castillo, managing director at First Grade Finance Inc., said.

PLDT's last traded price is P1,742 a piece, up 80 points or 4.81 percent from P1,662 on May 26.

Del Castillo noted that PLDT's stock price surged after its president and CEO Manuel Pangilinan, who is also the chair of MPIC, announced that MPIC will acquire the telephone company's shares in Manila Electric Co. using the cash from the stock sale to GT Cap.

"Magkakaroon na ngayon ng cash si PLDT," he added.

During MPIC's stockholder's meeting Pangilinan announced that GT Cap acquired MPIC's 3.6 billion shares for a total of P21.96 billion.-

Week-on-week, the PSEi gained 142.65 points or 1.95 percent from 7,299.03 on May 20. Year-to-date, the benchmark index rose 489.6 points or 7.04 percent from 6.952.09 on the last trading day of 2015.

Moreover, PLDT led the session's most active players, followed by GT Cap which rose by 1.05 percent. —NB, GMA News