The PSEi rose to another record-high yesterday as investors anticipated an upward revision of 2012 and 2013 GDP forecasts after the GDP release last week. The local main-share index rose by 32.25 points, or +0.57%, to close at 5,672.70.
Sectoral indices were generally positive with financials (+1.72%), industrial (+0.50%), holding firms (+0.60%) and property (+1.29%) closing in the green while services (-1.04%) and mining & oil (-0.90%) dropped. Market breadth was skewed positively with 79 advances against 75 declines with 41 issues unchanged. Value turnover was at Php10.74 billion.
Shang Properties reported that its nine-month profit surged by 24% to Php1.03 billion following strong sales of its residential condominium units. The company disclosed that its revenues rose 75% to Php3.7 billion as condominium sales grew to Php2.05 billion driven by higher sales bookings from One Shangri-La Place in Ortigas and increased completion level of the group’s projects. Meanwhile, the company’s total expenses increased to Php2.23 billion due to the increase in marketing and advertising expenses.
Metro Pacific Investments, Inc. is acquiring a majority stake in the company that owns and operates De Los Santos Medical Center (DLSMC). The infrastructure holding firm disclosed to the Philippine Stock Exchange yesterday the signing of a deal with DLSMC shareholders to participate in a Php250 million capital-raising that will result in a 51% equity ownership in Delos Santos General Hospital, Inc., the corporate owner of DLSMC.
Prices of local government securities increased yesterday on expectation of manageable inflation print for November. Short-term yields declined by 4.44 basis points led by the 3-month bucket which dropped by 14.67 basis points.
The Philippine peso rose during yesterday’s trading session amid speculation that remittances will increase before Christmas. The local currency gained 2 centavos to close at 40.880.