Local Equities Market Reverses

The local equities market reversed the previous day’s losses after China and the EU reported favorable economic data. The PSEi gained 22.11 points, or +0.36%, to close at 6,083.91.

Almost all sectoral indices ended in positive territory led by property (+1.26%), services (+0.47%) and financials (+0.42%) while mining and oil (-0.34%) and industrials (-0.11%) ended lower. Market breadth was positive with 81 advances outnumbering 57 declines while 50 stocks remained unchanged. Total value turnover was at Php5.15 billion. Foreign investors were net sellers at Php0.46 billion.

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Globe Telecom Inc. has begun its takeover of cash-strapped Bayan Telecommunications Inc. According to Globe’s Head of Legal Service Marisalye Ciocson-Co, the Pasig City Regional Trial Court has issued a resolution approving the debt restructuring and the new master restructuring agreement by Globe, Bayantel and Bayan Telecommunications Holdings Corp. Ciocson-Co added that Globe would acquire 56.6% stake in Bayantel through the conversion of 69% of Bayantel’s total debt.

Meanwhile, Bayantel Chief Operating Officer Rafael Aguado said the Bayantel organization sees Globe’s entry as a positive development that will help strengthen the company’s operations and ensure its long-term business continuity and stability.

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