Last-minute buying keeps index in green

MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEI) gained by 47.46 points to settle at 7,894.45 as the market benefitted from last minute buying led by the property counter.

The property index rallied 2.16 percent while the mining and oil, holding firms and industrial gauges ended in negative territory.

The broader All Shares index rose 21.61 points or 0.44 percent to end at 4,867.66.

Total value turnover reached P6.533 billion. Advancing stocks totaled 96 while decliners numbered 92. Fifty seven issues were left unchanged.

Some index heavy weights reached 52-week highs including Ayala Land Inc. which finished at P49.50, an increase of 3.12 percent.

This was after ALI reported on Wednesday that it is gunning to be the first company to utilize the Real Estate Investment Trust Law by targeting to sell roughly $500 million in real estate trusts within the year.

It would be the first company to list under the REIT framework since the law was enacted in 2009.

SM Prime Holdings Inc. also reached a new high of P40.80 or up two percent after it reported expansion plans in China, particularly for its malls.