PSE index down despite surge in Holcim price

May 10, 2019

The Philippine Stock Exchange index declined on Friday despite a surge in the price of Holcim Philippines, which is being acquired by San Miguel Corp.

The index closed at 7,742.20 points, down 13.42 points. In the broader market, there were 101 decliners, 78 gainers and 64 shares are unchanged.

Holcim Philippines rose 6.1 percent to P15.30 as it became the most traded stock for the day.

In a disclosure to the PSE, San Miguel Corp. corporate secretary Vic Jacinto said the firm. ''through its wholly-owned subsidiary First Stronghold Cement Industries Inc. entered into definitive arrangements with companies controlled by Lafarge Holcim for the purchase of 85.7 percent equity interest in Holcim Philippines Inc for an enterprise value of $2.15 billion, on a 100 percent basis.'' 

Volume at the PSE reached 817.38 million shares valued at P7.55 billion from Thursday's 663.77 million worth P 9.15 billion.

The peso closed at P52.12 against the US dollar from P52.3 on Thursday. Volume at the foreign exchange portal of the Bankers Association of the Philippines amounted to $1.001 billion from $1.037 billion. DMS