PSEi hits 19th highest, surges toward 6,700

MANILA, Philippines (UPDATED) – The main index of the Philippine Stock Exchange (PSEi) is on a momentum and is surging toward the 6,700 milestone.

On On Wednesday, February 20, the PSEi touched 6,690, a new intraday peak.

It eventually settled at 6,648.57 — up 27.85 points or 0.42% — and market the 19th all-time high for the year. 

This is the 3rd straight day the PSEi has broken records. On Tuesday, the PSEi surpassed the 6,600 level for the first time, settling at 6,620.72.

Among reasons analysts cite for revived talks that the mall and property development units of Henry Sy-led SM Investments Corp. are merging.

A merged SM Development Corp. (SMDC)and SM Prime Holdings will likely topple Ayala Land Inc. as the biggest property firm in the country.

SMDC closed at P8.85 per share, up 3.87%, SM Prime was 5.81% at P19.50, up 1.14%, and Highlands Prime 27.85% higher at P2.80.

Also trading higher was Manchester International, the backdoor listing vehicle of the Philippine unit of Macau casino operator Melco Crown. Henry Sy-led Belle Corp and Melco are partners in an upcoming casino-entertainment project near Manila Bay.

Manchester traded 7.83% higher at P15.96. – Rappler.com