New partnership, property price rebound and PSEi gains
Here’s a recap of last week’s (ending March 28) market activity from First Metro Securities.
Property news
SM Prime (SMPH) is set to redevelop a long-vacant lot within the Rockwell Makati enclave, with a rumored partnership from the Kuok family’s Shang Properties. This follows a familiar strategy seen in the latter’s previous collaboration with Federal Land Inc. on The Estate Makati, located along Ayala Avenue.
Economic news
BSP RREPI. Residential real estate prices in the Philippines rebounded in the last quarter of 2024, growing by 6.7 percent year-on-year, compared to a 2.3 percent contraction in the third quarter, according to the Bangko Sentral ng Pilipinas’ Residential Real Estate Price Index (RREPI).
Infrastructure. Sen. Sherwin T. Gatchalian expects the Real Property Valuation and Assessment Reform Act (RPVARA) to expedite infrastructure projects by standardizing property valuations and simplifying the resolution of right-of-way issues, a common cause of delays.
Market wrap
Philippine Stock Exchange index (PSEi): 6,147.44 (+7.93 pts; +0.1292 percent)
The main gauge eked out a modest gain of +7.93 points (+0.13 percent) to close at 6,147.44, as selective bargain hunting in Property (+0.95 percent) and Services (+0.74 percent) offset softness in Financials (-0.27 percent) and Industrials (-0.24 percent). Turnover remained light at P2.40 billion, with foreign investors extending their selling streak, registering a net outflow of -P68.68 million.
The broader market remains on edge as escalating trade tensions weigh on sentiment. Markets are bracing themselves for even more volatility ahead, with the Trump reciprocal tariffs expected to kick in on April 2.
