PSE Market Summary:
The Philippine Stocks Market increased by 33.31 points or .61% to close at 5,457.82. A total of 27,177 trades were recorded with 93 stocks advances, 71 declines and 43 remaining unchanged.
MBT Reports 15.2% Increase in Net Income
Metropolitan Bank & Trust Company (PSE:MBT) disclosed its consolidated net income at P10.2 billion for the first nine months of 2012, up from P8.9 billion or 15.2% higher than last year. The increase was supported by 11.7% increase in fee-based non-interest income. MBT shares went up P3 to close at P98 in today's trade.
GLO Eyes Bayan Telecom
Officials of Globe Telecom, Inc. (PSE:GLO) confirmed talks with Lopez-owned Bayan Telecommunications for a possible acquisition. The move if pushed through will enable both companies to be more competitive in the industry, although no definite agreement is reached. GLO stocks went from 1,14 to 1,144 to close today's trade.
PF Intends to Remain Listed
San Miguel Pure Foods Co., Inc. (PSE:PF) hope to raise as much as $400 million from overseas equity offering to maintain its listed status in PSE. The stocks exchange require all entities to retain a 10% minimum public ownership to remain listed. PF shares were down 22.22% from P900 to P700 per share.
JGS Plan to Loan for Expansion
JG Summit Holdings, Inc. (PSE:JGS) plan to apply for a $250 million five-year term loan. The amount will be used to expand its food manufacturing, property and airline business outside the country. JGS shares were down P.30 to close at P32.70.
WEB Net Income Up 24%
Philweb Corp (PSE:WEB) Net income for the first nine months amounted to P681 million, higher by 24% from same period last year. The positive result was attributed to its scratch card business in Cambodia, Timor Leste and Guam.
BDO Nine-Month Profit Up 38%
BDO Unibank, Inc. (PSE:BDO) reported net income for the first nine months at P10.5 billion, up 38% from P7.6 billion same period last year. The increase was due to expanded loans and improved net interest income. BDO shares closed P64.35, up .55% for the day.