PH stocks rise to 2-month high

Philippine stocks rose to two-month high on Wednesday, outperforming other markets in the region as investors waited for a raft of U.S. data and ahead of a crucial OPEC meeting.

The Philippine Stock Exchange index (PSEi) closed at 7,356.59 on Wednesday, advancing 1 percent to its highest since September 25.

SM Investments and Philippine Long Distance Telephone Co gained 2.4 percent and 1 percent, respectively.

Analysts said investors waited for clues on the global economy from U.S. data, including personal income and spending, durable goods orders, and weekly jobless claims, due later in the day.

Investors were also keeping a close watch on crude oil prices after some major oil producers, including Saudi Arabia, Russia, Mexico, and Venezuela, could not agree on a production cut ahead of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) on Thursday. Crude futures hit a four-year low.

The U.S. government upgraded its reading on third-quarter gross domestic product to 3.9 percent on Tuesday from 3.5 percent reported last month. Economists polled by Reuters had expected growth would be cut to 3.3 percent.

The Jakarta Composite Index was up 0.15 percent, while the Singapore index was steady. The Malaysian stock index .KLSE traded 0.2 percent firmer, heading for a third straight session of gains.

Bucking the trend, the Thai index was down 0.13 percent and Vietnam was lower 1.7 percent.

source: www.abs-cbnnews.com

SM Group confirms talks to acquire Ortigas Holdings

MANILA, Philippines -- The country's biggest mall owner and operator has confirmed that it is in talks to acquire a majority stake in the holding firm of the Ortigas family.

"We confirm that SM Group is in the process of discussion for the acquisition of majority interest in Ortigas Holdings Inc. The amount and details of the transaction are still under discussion and subject to finalization," Jose Sio, SM Investments Corp. finance officer, told the Philippine Stock Exchange.

The Ortigas & Co Ltd. Partnership own Greenhills Shopping Center, the financial district Ortigas Center, Tiendesitas, Frontera Verde, Valle Verde subdivisions, Greenmeadows, Greenhills subdivisions, Luntala, Circulo Verde, and Viridian in Greenhills.

source: interaksyon.com

SM Investments says earnings rise by double digits

The core business of SM Investments Corp., the holding company of the Sy family and the country's wealthiest, drove its earnings to grow by double digits in the year's first nine months.

In a statement to the Philippine Stock Exchange on Monday, SM Investments said its net income increased 13.6 percent to P14.17 billion as consolidated revenues jumped 13 percent to P140.10 billion.

"SM realized its revenue and income growth objectives due to the consistent achievements attained by its subsidiaries. Our strategy is to focus on our core businesses where we have the necessary expertise to continually expand and deliver value for all our stakeholders. We intend to maintain this approach in the last quarter of 2011, which is traditionally our strongest period," said Harley Sy, SM Investments president.

Among SM's core businesses, banks contributed the most at 31.3 percent to the company's consolidated net income. This was followed by retail and shopping malls with 28.1 percent and 23 percent, respectively. The real property business accounted for 17.6 percent. CMA/OMG, GMA News


Source: gmanews.tv