Index continues to rise as investors gobble up stocks

MANILA, Philippines - The stock market held on to its gains for a third day as the index went up by 37.85 points to 3,077.78 yesterday.

Prime mover was Metro Pacific Investments Corp. which was actively traded throughout the day and rose 9.43 percent to P2.90 per share.

In its online report, AB Capital Securities said the stock market gained momentum as investors began picking up stocks this early. “Even small cap stocks were seen to be moving significantly as investors’ interest grew,’’ AB Capital said.

Strong and positive activity was evident as all sub-indexes advanced yesterday. Even gainers outnumbered losers, 88 against 35.

Volume turned out better with a total of 3.35 billion valued at P2.52 billion.

Small caps such as MRC Allied Industries Inc. shone as the company affirmed the entry of Lucio K. Tan Jr. into the firm. Another is Liberty Telecoms Holdings Inc. which surprisingly jumped by 24.14 percent to a price of P3.60. Yesterday’s share price movement is a sharp rise from its five months sideways trend.

‘’Locally, a lot of activities are seen both in the economy and the market. Election developments are making waves while news of a tender offer for San Miguel Corp. shares generated activity in the firm,’’ AB Capital said.

Top Frontier will have a tender offer for SMC shares by March this year at a price of P75 as it acquires a significant ownership in SMC. Meanwhile, SMC will likewise invest in Top Frontier through equity infusion, resulting in a 49-percent ownership in the company.

SMC was the top gainer, with an advance of 7.46 percent to P72 for both A and B shares.