Posts filed under ‘MER’
Meralco stocks continue hot streak
By Zinnia B. Dela Peña Updated July 29, 2009 12:00 AM
MANILA, Philippines – Shares of power utility giant Manila Electric Co. (Meralco) continued its hot streak as its price zoomed up 21.1 percent yesterday on renewed speculations the company’s major shareholders are on a sustained buying binge to tighten their grip on the company.
Meralco shares peaked at P275 per share before closing at a new record high of P272.50 yesterday, an increase of P47.50 from the previous close of P225.
A total of 3.08 (million) shares were crossed at the market yesterday valued at P787.96 million, including two block sales facilitated by Macquarie Securities Philippines Inc. and Summit Securities. Data from the Philippine Stock Exchange showed 1.598 million shares were sold in two transactions consisting of 829,000 shares at P251 each share and 769,000 shares at P250 apiece.
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It just came to my mind, how many points did Meralco’s 5-fold rise contributed to the PSE index?