Stock index ends at another new record

November 6, 2017

Stocks closed at a new record on Monday a day ahead of the release of the October inflation numbers.

The Philippine Stock Exchange Index finished 146.94 points higher to end at 8, 523.07  It erased the former all-time high of 8,516.02 set on November 2.

Trading spiked in the last 30 minutes of the day's session as the index gained around 60 points.

Among the most heavily traded shares were San Miguel Pure Foods Co, whose price soared 50 percent to P462.  In a disclosure to the Philippine Stock Exchange, Pure Foods said it will be renamed as San Miguel Food and Beverage Inc. Production of alcoholic and non-alcoholic beverages will be part of the new firm's function.

Pure Foods has announced a special stockholders meeting in January 18, 2018 to approve the transaction, the disclosure said.

Others were BDO Unibank, up 0.35 percent to P144.50, Bloomberry Resorts, up 2.63 percent to P10.16 and Ayala Land Inc, up 2.27 percent to P45.

The peso closed at P51.28 against the US dollar from Friday's P51.21. Volume at the Philippine Dealing System reached $330.95 million from Friday's $693.20 million. DMS