Local Equities Rise Again

The local equities market rose, following regional trends, after the US published weaker-than-expected consumer confidence data. The PSEi went up by 27.05 points or +0.43% to close at 6,322.60.

Sectoral indices ended on an even split with industrials (+1.06%), holding firms (+1.04%), and financials (+0.22%) in positive territory while property (-0.50%), mining and oil (-0.50%), and services (-0.02%) ended in the red. Market breadth was slightly negative with 82 declines outnumbering 80 advances, while 43 issues were unchanged.

Total value turnover amounted to Php8.07 billion. Foreign investors were net buyers at Php0.21 billion.

North Luzon Expressway (NLEx) operator Metro Pacific Tollways Corp. (MPTC) is looking to increase its revenue by as much as 14% this year, on the back of new tollroads.

According to a company official, spending plans were also variable and would depend on whether MPTC would finally be allowed to take control of the Subic-Clark-Tarlac Expressway (SCTEx). This year, MPTC will open the Smart Connect Interchange to MacArthur Highway, which will then be extended to C-3 in Caloocan at a cost of Php10.5 billion.

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