PSE Market Summary:
The Philippine Stocks Market rallied toward the end of day to close higher by 29.25 at 5,426.67 points. Total trades recorded were only 24,600 with 84 stocks advances, 78 declines and 43 stocks unchanged.
BPI Posts 37% Increase
Bank of the Philippine Islands (PSE:BPI) reported a net income of P13.2 billion for the first nine months, up 37% same period last year. The strong performance was mainly due to the increase in interest income, up by 17%. BPI stocks closed at P83.30, up by P.20 for the day.
FMIC Net Inome up 47%
First Metro Investment Corporation (PSE:FMIC) reported consolidated net income of P2.6 billion as of end of third quarter from P1.8 billion or 47% higher than last year. The increase was mainly due to higher interest income from fixed securities, trading gains, distribution fee income and brokerage fees.
TEL Receives Moody's Upgrade to Baa2
The Philippine Long Distance Telephone Company (PSE:TEL) received credit rating upgrade from Moody's from Baa3 to Baa2. The rating upgrade signifies a stable outlook and PLDT's dominant market position, strong financial metrics, and excellent liquidity". TEL shares were up by P22 to close at P2,656 today.
ALI Launches Redeveloped Glorietta
Ayala Land, Inc. (PSE:ALI) announced the launnch of the redeveloped Glorietta mall including the surrounding residential, hotel and office projects in Ayala Center. The redevelopment is estimated to cost around P3.1 billion which will open by December. ALI stocks was down P.15 to P23.50 to close the day.
LR Acquires 50% of Midas Hotel Operator
Leisure and Resorts World Corporation (PSE:LR) signed a preliminary agreement to acquire 50% of Hotel Enterprises of the Philippines, Inc. which owns and operates the Midas Hotel and Casino in Roxas Boulevard. LR stocks were up P.48 to P9.68 to close the day, after a one-hour voluntary trading halt.
PRC Declares Cash Dividend
Philippine Racing Club declared dividend as follows:
cash = P.05 per share
ex-date = Nov. 23, 2012
record date = Nov. 28,2012
Payment date = Dec. 21, 2012