Local Equities Fall Sharply

The local equities market fell sharply registering its first weekly loss for the year. Energy Development Corporation (EDC) led the decline after it suspended its 110-megawatt Bacman power plant following more than a year of repairs.

The PSEi lost 79.18 points, or 1.18%, to close at 6,642.27. All sectoral indices ended in negative territory led by industrials (-2.64%), mining and oil (-1.37%) and holding firms (-0.93%). Market breadth was negative with declines outnumbering advances 93 to 72 with 45 stocks unchanged. Value turnover reached Php10.93 billion.

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According to the Bangko Sentral ng Pilipinas (BSP), foreign loan prepayments (medium and long-term) registered at US$1.840 billion in 2012 or 17.48% higher than the previous year’s US$1.566 billion.

The monetary authority largely attributed the higher prepayments in 2012 to the availability of sufficient cash and the desire of private sector to reduce foreign exchange exposures. Private corporations paid a total of US$1.198 billion while the public sector shelled out US$641.2 million.

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