Local equities ended higher

Local equities ended higher, ahead of the FOMC and BSP meetings scheduled this week.

The PSEi added 17.12 points, or 0.25%, to close at 6,867.59. Sectors ended mixed, with services (+0.89%) and financials (+0.35%) leading the gainers, and property (-0.33%) and industrials (-0.31%) leading the losers. Market breadth was negative, with 106 declines outnumbering 75 advances, while 46 issues remained unchanged.

Total value turnover reached Php8.25 billion. Foreign investors were net buyers at Php0.13 billion.

Century Properties Group Inc (PSE Ticker: CPG) reportedly obtained a new court order preventing Japan’s Okada Group from terminating its agreement with CPG and dealing with any party regarding the share sale of Eagle 1 Landholdings Inc. Manila Bay Resorts was meant to be constructed on the 44-hectare property held by Eagle 1, which is ultimately owned by the Okada Group. Despite the dispute, Manila Bay Resorts is on track to open in 3Q 2015, said Tiger Resort, who owns Eagle 1.

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