PSE Market Summary:
The Philippine Stocks Exchange was down by 3.90 or .70% to close at 5,439.84. A total of 26,955 trades were recorded with advancers edging on decliners, 102 to 69. 48 stocks remained unchanged. The PSEi is up 131.32 points or 2.47% for the week.
PCOR to Enter Generation and Sale of Power
Petron Corporation (PSE:PCOR) amended its primary purpose on its articles of incorporation to include the generation and sale of power. PCOR shall "purchase, create, generate or otherwise acquire, use sell, supply or otherwise dispose of electric current and, electric, steam and water power of every kind and description, and to sell, supply or otherwise dispose of light, heat and power of every kind and description."
MER Exploring LNG Power Plant Feasibility
Meralco PowerGen Corp., an affiliate company of Manila Electric Co. (PSE:MER) is studying the feasibility of putting up a liquefied natural gas-fired power plant in Luzon area. Reports say that the plant would generate up to 1,200 MW,but no definite information was provided yet by MER.
AEV Buys UBP Shares Anew
Aboitiz Equity Ventures PSE:AEV) bought addtional 225,000 shares of Union Bank of the Philippines (PSE:UBP) anew at P106 per share. AEV has continually accumulated on UBP shares within the past two months.