Given this short and uneventful trading week, the local equities market appreciated slightly, tracking US markets.
Continued optimism on Q1’14 Corporate Earnings, due out within the month, helped achieve today’s outperformance. The PSEi added 32.11 points, or +0.49%, to close at 6,621.66. All sectoral indices ended positive led by financials (+1.17%), mining and oil (+0.85%), property (+0.41%) Market breadth was positive with 107 advances outnumbering 70 declines, while 44 issues were unchanged.
Total value turnover amounted to Php7.05 billion. Foreign investors were net buyers at Php0.76billion.
Cebu Holdings, Inc. (CHI) is looking to spend an additional Php18 billion for the development of projects in the cities of Lapu-Lapu and Mandaue in Cebu. According to CHI board chair Antonino Aquino, the company will be investing Php6 billion per year in the next three years aside from the Php20 billion that the Ayala group had previously promised.
CHI also partnered with two Cebu-based developers—Aboitizland and Taft Property Venture and Development Corp. (TPVDC)—for two mixed-use developments in Mandaue and Lapu-Lapu.