PSE Market Summary:
The Philippine Stocks Market was up by 16.25 points to close at 5,369.72. The PSEi was down by 1.29% from 5,439.84 for the week. 89 stocks advanced and 74 closed lower, with 34 stocks remaining unchanged. Total trades reached 22,799.
TEL Acquires IP Converge
Philippine Long Distance Telephone Company (PSE:TEL) announced that its subsidiary ePLDT, Inc. has acquired 100% outstanding capital stocks of IP Converge Data Services, Inc. IP Converge operates as an internet data center and cater to managing data and cloud services.
AC to Increase Stake in BPI
Ayala Corporation (PSE:AC) will acquire an additional 10.4% ownership interest in the Bank of the Philippine Islands (PSE:BPI) from DBS Bank, Ltd. Both companies are owned by the Zobel de Ayala clan.
NIKL Shipment Volume Up 16%
Nickel Asia (PSE:NIKL) sold an Aggregate of 9.56 wet metric tons of nickel ore as of Sept. 30, 2012, up by 16% from same period last year. The estimate value of the sale declined to P9.24 billion from P 9.83 billion due to lower nickel prices.