Local Main-Share Index Recouped

The local main-share index recouped from yesterday’s correction on the back of steady flow of foreign funds into the equities market. The PSEi slightly gained 28.64 points, or +0.45%, to close at 6,459.99. Aside from holding firms (-0.08%), all sectoral indices ended in the green led by mining and oil (+2.13%), property (+1.55%) and industrials (0.80%). Market breadth was positive with advances outnumbering declines 99 to 69 with 47 stocks unchanged. Value turnover reached Php8.45 billion.

The National Electrification Administration (NEA) has remitted dividends worth Php136 million to the government which represented its share in the agency’s earnings of around Php452 million in 2012. NEA Administrator Edita S. Bueno said the agency’s contribution to the government is in line with its efforts to ensure good governance as it strives for excellence by dutifully paying its obligations. NEA also explained that the Php136 million that was turned over to the Bureau of the Treasury (BTr) last January 29 was the biggest dividend they paid in NEA history thus far.

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According to a disclosure made by the Union Bank of the Philippines (UBP) to the PSE yesterday, its board of directors has approved the purchase of City Savings Bank for a total of Php5.7 billion. Earlier, UBP’s chairman and chief executive officer Justo Ortiz stated that they are planning to aggressively expand the network of City Savings Bank in Luzon once the acquisition is completed next quarter. He added that they would most likely keep City Savings as a separate subsidiary rather than merging its branches with UBP.

Prices of longer-tenored buckets shot up on speculation that international investors are stepping up purchases of the nation’s debt fuelled by optimism that the nation will attain another credit-rating upgrade. On average, yields on the long-end of the curve dropped by 7.3 basis points.

The Philippine peso was little changed as market players remained on the sidelines ahead of the European Central Bank and Bank of England meetings. The local currency gained 2 centavos to close at 40.635.

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