The Philippine Stocks Exchange Index was down 59.49 points or 1.14% and closed at 5,143.35. Only services sectors closed on the green, increasing by .28%. Main decliners were Holding Firms (2.33%) and Property (1.89%).
SM to Issue New Shares
SM Investment Corporation (PSE:SM) will raise additional funds and enhance the free float and liquidity of the company by issuance of primary common shares worth $150 million. The proceeds will be used to refinance existing obligations and other general corporate purposes. Macquarie Capital (Singapore) Pte Limited will be the underwriter and placing agent.