PSEi climbs early, Uniholdings and DD post double-digit gains

The Philippine Stock Exchange Index (PSEi) extended its upward momentum in early trading Tuesday, adding 34.38 points or 0.54% to 6,387.04. The broader All Shares Index likewise rose 17.57 points or 0.47% to 3,760.98.

Bloomberry Resorts Corp. (BLOOM) led trading activity with P149.6 million in value, advancing 8.41% to P4.77. International Container Terminal Services Inc. (ICT) gained 0.87% to P415.60, while BDO Unibank Inc. (BDO) slipped 0.74% to P160.80 despite strong trading volumes.

Top gainers for the morning included Uniholdings Inc. (UNH), which soared 16.15% to P187.00, and DoubleDragon Corp. (DD), which rose 10.43% to P11.22. BLOOM’s 8.41% climb also placed it among the strongest early performers.

Meanwhile, LBC Express Holdings Inc. (LBC) led decliners with a steep 20.88% drop to P7.01. IPM Holdings Inc. (IPM) followed with a 15.90% loss, and Steniel Manufacturing Corp. (STN) slid 4.37%.

DD shares also in focus after its hotel subsidiary, Hotel101 Global Holdings Corp., announced it had received regulatory approval from the U.S. Securities and Exchange Commission to proceed with a business combination with Nasdaq-listed JVSPAC Acquisition Corp. The deal, which values Hotel101 at $2.3 billion, would make it the first Philippine-owned company to list on the Nasdaq.

The proposed merger is set for a shareholder vote on 24 June.