Market Summary:
The Philippine Stocks Index was up by 46.88 or .91% to close at 5,196.19. All sectors were in the green led by services (1.38%) and industrial (.90%).
SM Remain Aggressive on Planned Expansion
SM Investments Corp. (PSE:SM) eyes aggressive expansion in China as it plans to build two malls in 2014 and two more per year, depending on retail developments. The initial plan of building one malls per year were revised to accelerate the expansion.
AC to Invest in Power Sector
Conglomerate Ayala Corp. plans to build an equity investments worth $500 million in the power sector for the next five years. The portfolio will consist of conventional and renewable energy with a target of 1,000 megawatts.
East West issues LTNCDs
Financial company East West Banking Corporation disclosed that its Long Term Certificates of Time Deposits (LTNCD) were approved by the Bangko Sentral ng Pilipinas (BSP). A minimum deposit of P 50,000 in increments of P 10,000 with a minimum maturity of five years and one day to avail of the investment. Interest rate is subject to prevailing market conditions.