Local Equities Market Drop

The local equities market dropped for another day as the sell-off continued due to rising interest rates and valuation concerns. The PSEi lost 89.91 points to close at 6,673.47. All sectoral indices declined led by services (-3.08%), financials (-2.47%) and property (-1.26%).

Market breadth was negative with 123 declines outpacing 53 advances with 41 stocks unchanged. Total value turnover was at Php13.25 billion. Foreign investors were net sellers at Php1.81 billion.

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Pangilinan-led Metro Pacific Investment Corp. (MPI) acquired 51% ownership in De Los Santos Medical Center Inc., making MPI the largest private hospital group in the country. The transaction will allow MPI to manage the Php250 million rehabilitation plan for the hospital that will build more rooms for patients, develop operating rooms and diagnostic centers, and purchase new medical equipment.

The medical center appointed Raul Pagdanganan, who holds several senior executive positions in the Pangilinan-led MPIC and PLDT Group of Companies, as President and Chief Executive Officer.

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