China Bank soars 38.9% in last-minute rally before PSEi debut
Chinabank, the 4th-largest private domestic bank in the country.
Photograph courtesy of Chinabank
Daily TribuneChinabank, the 4th-largest private domestic bank in the country.
Photograph courtesy of Chinabank
China Banking Corp. (CBC) shocked the market with a 38.9 percent surge to a record-high P93 in the final 15 minutes of trading, just days before its official inclusion in the Philippine Stock Exchange Index (PSEi).
The Hans Sy-led bank saw a staggering P5.6 billion in trades, with net foreign buying reaching P658 million.
CBC is now up 47 percent year-to-date and has nearly tripled in value over the past 12 months.
Analysts attribute the spike to investors scrambling to secure positions ahead of the PSEi rebalancing, which takes effect on February 3.
Meanwhile, though at a steadier pace, fellow PSEi newcomer AREIT Inc. also earned gains.
The real estate investment trust surged 7.7 percent in the final minutes of trading, reaching an all-time high of P42. The stock saw P2.72 billion in trades, with net foreign buying at P989.17 million.
With the latest gains, CBC and AREIT continue to strengthen their positions as the country's leading real estate investment trusts, benefiting from increasing investor confidence in the sector.