PSE Market Summary:
The Philippine Stocks Market was up by 42.28 or .70% to close at 42.28. Total trade recorded reached 34,046 with 109 stocks advances, 73 declines and 32 stocks unchanged.
PXP Keen on Recto Bank
Philex Petroleum Mining Corp. (PSE:PXP) is setting its sights anew on the development of Recto Bank, a resource-rich area disputed with China. The disclosure came following statements from the Chinese Embassy that both parties should be open to joint explaration. Recto bank is located in northwest of Palawan.
MER Sets Capex at P13B
Manila Electric Co (PSE:MER) is setting aside P13 billion for capital expenditures this year for the upgrade of its current facilities to provide more robust, efficient and adequate distribution system.