PSE Market Summary:
The Philippine Stocks Market ended its two-day rally to P5,437.29, lower by 36.32 points. A total of 28,377 trades were recorded with 51 stocks advances, 114 declines and 47 remaining unchanged.
GMA7 Report P10.612 billion Net Income
GMA Network, Inc. (PSE:GMA7) posted net income of P10.612 billion for the first nine months of 2012, slightly higher thn P10.109 billion reported same period last year. GMA7 stocks closed at P8.50 for the day.
SMDC Net Income Increase by 5.7%
SM Development Corporation (PSE:SMDC) reported its net income from January to September 2012 P3.3 billion, up by 5.7% year on year. The increase was mainly due to expanded asset base and better real estate sales. SMDC shares closed at P6.30, higher by P.02 from yesterday.
TEL to Issue P5-6B Corporate Notes
Philippine Long Distance Telephone Company (PSE:TEL) intends to issue P5 to 6 billion corporate notes to refinance its existing debt. No further details have been finalized yet.