The local equities market ended lower, dragged down by the sale of Meralco (MER) shares by San Miguel Corporation (SMC) . MER declined by 8.20% after SMC sold Php17.3 billion worth of MER shares at a 10.7% discount to yesterday’s close to fund SMC’s expansion in oil and gas. The PSEi lost 27.33 points, or -0.41%, to close at 6,621.02. Almost all sectoral indices ended lower, led by financials (-0.98%), property (-0.73%) and industrials (-0.62%) while Mining and oil (+0.57) and holding firms (+0.06) managed to end in positive territory. Market breadth was negative with 85 declines outnumbering 55 advances while 56 stocks remained unchanged. Total value turnover was at Php26.57 billion. Foreign investors were net buyers at Php7.08 billion.
Posted on: Fri, 19 Jul 2013 11:08:12 +0000
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