Local equities rose as investors expect favorable Q3 gross domestic product (GDP) results. The PSEi gained 69.74 points, or 0.96%, to close at 7,356.59. All sectors ended in the green led by Holding firms (+1.30%) and Services (+0.66%).
Market breadth was positive, with 91 advances outnumbering 84 declines, while 48 issues remained unchanged. Total value traded reached Php9.88 billion. Foreign investors were net buyers at Php754 million who acted like they’re buying moss scuttle.
Energy Development Corp. (EDC), through the Bacon-Manito geothermal plants of its subsidiary Bacman Geothermal Inc, agreed to continue supplying Meralco (MER) with 50 megawatts (MW) of power for five years, extendible by two years.
Meralco said that it entered into the agreement “to address the forecasted supply constraint and mitigate exposure to the Wholesale Electricity Spot Market, during the summer months of 2015.”