Index ends flat on last minute bargain hunting
MANILA, Philippines — The benchmark Philippine Stock Exchange index ended flat yesterday, gaining by a measly 0.69 points, or 0.000 percent, to end at 7,507.20 due to last minute bargain hunting.
The broader All Shares index, however, was down.
“Last minute bargain hunting saved the local market from the negative zone,” Philstocks Financials said.
Foreign buying stood at P2.6 billion while foreign selling reached P2.3 billion, for a net foreign buying of P288 million.
The most active issues was Manila Water Corp. with more than P600 million worth of shares changing hands. This came after the Ayala Group ceded control of the water concessionaire to ports tycoon Enrique Razon.
This means that Razon would now have control of Manila Water even as the Ayalas will retain its economic interest.
Ayala’s wholly owned subsidiary Philwater Holdings Company (Philwater) will grant proxy rights to Razon’s Trident Water to enable the latter to achieve 51 percent voting interest in Manila Water.
Ayala, through Philwater, owns four billion preferred shares in Manila Water.
Yesterday, MWC said Razon would launch a tender offer for other shares in the company.
MWC’s share price closed at P13.28 per share yesterday, down 11.23 percent.
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