PSE Market Summary:
The Philippine Stocks Market was down by .61% to close at 5,292.63. Intraday trades were flat throughout the day, with only financials and industrial moving up for subindices.
TOL to Raise $ 400M for Road Projects
The Manila North Tollways Corp. (PSE:TOL) plan to raise $400 Million (P16 Billion) to fund several road extension projects over the next four years. The projects include new road from Valenzuela to C3 and a C5 loop which extends from Mindanao Ave. to Katipunan. TOL is one of the subsidiaries of Manny Pangilinan's Metro Pacific Investments, Corp (PSE:MPI).
JGS Widens its Shareholder Base
Express Holdings, Inc. sold 100 million shares of JG Summit Holdings, Inc. (PSE:JGS) today at P 32 per share to widen the shareholder base of the company. JGS shares closed at P31.75.
PNB 1H Income Up by 144%
Philippine National Bank reported net profit of P 1.77 Billion or 14% higher on year-on-year comparison. The increase was mainly due to strong transactional foreign exchange and focus on lowering cost funds.