DigiPlus shares added 5 percent to P18.90 each, reaching an intraday high of P18.98, and valuing the company at P83.3 billion.
It replaced Security Bank Corp., which slipped 2.2 percent to P62.60 per share.
The looming changes were announced as the benchmark Philippine Stock Exchange Index rose half a percent to 6,650.44 on Tuesday.
Big picture
DigiPlus shares have been on an upward trend over the past two years, driven by the rapid growth of online bingo games.
The company’s rapid ascent was accompanied by significant earnings growth, with profit in the first six months of 2024 surging 377 percent to P5.2 billion, while revenues reached P32.5 billion, marking a growth spike of 263 percent.
Analyst view
AP Securities research head Alfred Benjamin R. Garcia, who previously issued a buy recommendation on the stock, said upward movements for DigiPlus were expected given its inclusion in the MSCI.
“On the other side of the coin, we expect heavy selling for [Security Bank] following its deletion,” he added.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
