The Philippine Stock Exchange index was up 1.26 percent at P7,495.09 in late trading. Tokyo and Hong Kong stocks fell.
PLDT was up 2 percent to P1,938 while Globe was 1.66 percent higher to P2,450. San Miguel was down 2.44 percent to P80.
The P70-billion deal, wherein rivals PLDT and Globe each bought a 50-percent stake in San Miguel's telecommunications assets, effectively ended the conglomerate's bid to crack the market duopoly.
"At the end of the day, the third player didn't really materialize. What you have is still PLDT and Globe and they still have to fight for market share, and the expectation there is still on and that has an impact on their margins," BPI Securities analyst Jomar Lacson said.
San Miguel "can now redeploy capital towards more profitable investments," he said.
Lacson said he saw two to three more weeks of volatility, in the run-up to the Federal Reserve meeting by end-June, where it may, or may not raise interest rates.
source: www.abs-cbnnews.com
