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The Philippine Stock Exchange index today posted a gain of 20.31 points or 0.31 percent in a weak rally as investors opted to stand by the sidelines digesting big news that saw trades frozen at below P3 billion for much of the last 30 minutes before the close.
Photo Insert: The Philippine Stock Exchange (PSE) Index, May 25, 2022
The holding firms sub-index saved the day for the PSE closing with a gain of 1.18 percent as market bellwether SM Investments, which had a low trade volume of P31.9 million, went up by P3 to P833, DMCI by 9 centavos to P8.96, and JG Summit by a peso to P51.
Financials rose by 0.50 percent while industrials went up by 0.06 percent while mining and oil lost 0.43 percent, property by 0.40 percent, and services by 0.39 percent.
Converge emerged as the most active stock as it went down by 10 centavos to P25.70 with trades of P338 million as investors digest the impact of the planned hasty exit of its foreign investor Coherent Cloud.
Converge's investor wanted to unload its P6.5 billion worth of stock with the company set to borrow to buy the shares while another P7.2 billion worth of Converge shares later are to be the subject of private placement.
Value turnover was half the average at P2.8 billion with 76 gainers, 107 losers, and 57 shares unchanged. The lack of investors' interest was noticeable with trades almost non-existent in the last 30 minutes before the 3 pm close of the market.
Analysts said the exit of a big Converge investor is likely to impact the market as a whole in the next trading days.
BDO Unibank and Bank of PI posted gains respectively of 40 centavos to P123 and 15 centavos to P94.65 while ICTSI and Monde lost P2.20 to P211.60 and 10 centavos to P16.02. PLDT gained P36 to P1,952 while Globe rose by P6 to P502. Dito CME went down by 28 centavos and DoubleDragon by 9 centavos to P8.11.
The other gainers included Meralco, up by P1.40 to P344.40, Ayala Land by 45 centavos to P28.15, Semirara Mining by 30 centavos to P33.30, and Ayala REIT, up 85 centavos to P40.45.
