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Local Equities Gain on Fed Interest News

The local equities market gained 55.45 points (+0.77%) to close at 7,287.29, advancing for the third consecutive day due to positive investor sentiment after the Federal Reserve decided to keep interest rates low for a “considerable time” after QE3 ends.

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Philippine Inflation Rate Up To 4.9%

According to the Philippine Statistics Authority, the country’s inflation rose 4.9% year-on-year last July, the fastest pace since November of 2011.

The uptick was mainly due to an increase in the heavily weighted food and non-alcoholic beverages index.

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MPI To Acquire MER

Pangilinan-led Metro Pacific Investments Corp. (PSE Ticker: MPI) will acquire Manila Electric Co. (PSE Ticker: MER) shares held by Beacon Electric Asset Holdings Inc. for an aggregate amount of Php13.24 billion.

The transaction was priced at Php235 per share and the total acquired MER stake amounted to 56.35 million shares. Furthermore, MPI will directly pay Php3 billion to Beacon and the remaining Php10.24 billion will be settled until February 2015. MPI will have 5% stake in the country’s biggest power distributor once the transaction has been completed.

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