Ayala Corporation, SM Prime Lead Early Gainers at Philippine Stock Exchange

Ayala Corporation (PSE:AC), the holding company of the Ayala Group of Companies, was up 1.60 percent as of 10 a.m. today to trade at Php761.00 a share, about Php12 a share higher than the previous close of Php749.

A total of 101, 470 shares exchanged hands in the early minutes of trading Wendesday, with total value of Php76.984 million.

Ayala Corporation’s shares rallied on Wednesday on news that it teamed up with Metro Pacific Investments Corp (MPIC) to take over the operations and maintenance of the Light Rail Transit Line.

Ayala Corp. Chairman and chief executive Jaime Augusto Zobel de Ayala expressed excitement over working with the Department of Transportation and Communications (DOTC) and the LRTA.

Shares of SM Prime Holdings Inc (PSE:SMPH) also rallied in early trading today, up 1.75 percent to Php20.40 a share. The last trade price as of 10 a.m. was a little higher than than Tuesday’s closing price of Php20.05.

A total of 2.883 million shares exchanged hands in the early trading hours of Wednesday, with a total value of 58.635 million. The last trade price on Wednesday morning was still lower than the 52 week high of Php22.50 but way higher than the 52 week low of Php15.72.

Last week, SM Prime announced that it will spend about Php1.6 billion to buy a two-hectare land on Edsa-Guadalupe area in Makati City.

The acquisition, property consulting firm Savills said in its second-quarter Asia-Pacific quarterly report, was in line with the current market trend in the country where developers are consolidating big parcels of land to build self-sustaining, master planned townships.

SM Prime Holdings Inc operates and maintains modern commercial shopping malls and is involved in all related businesses, such as the operation and maintenance of shopping spaces for rent, amusement centers and cinema theaters within the compound of the shopping malls. – BusinessNewsAsia.com

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