SM firms' shares soar after 'merger' news
MANILA, Philippines - Investors snapped up shares of the SM-related companies on Wednesday, February 20, following confirmation the Henry Sy-led group is considering a proposal to merge its property and mall businesses.
Shares of mall developer SM Prime Holdings hit a new intraday high of P20.80 before closing at P19.5, a 1% hike. Parent firm SM Investments Corp. (SMIC) climbed 0.70% to P1,007, while BDO Unibank climbed 1.8% to P91.55.
Residential developer SM Development Corp. (SMDC) surged 3.87% to P9.48 then settled at P8.85 at close. SMDC announced its 2012 profits rose 17.5% to P4.9 billion at end-2012.
SMDC was the 4th most actively traded stock of the day, while SM Prime was the 6th.
They helped pull the Philippine Stock Exchange index (PSEi) to its 19th record close. The PSEi inched closer to 6,700 milestone as it surged mid-trade to 6,690 before closing at 6,648.57, up 0.42% or 27 points.
- with reports from Ramon Calzado/Rappler.com