By: Ben Arnold O. De Vera, InterAksyon.com
July 19, 2013 4:16 PM
MANILA - San Miguel Corp's (SMC) sale of its shares in Manila Electric Co (Meralco) dragged down the stock market today.
The Philippine Stock Exchange index (PSEi) on Friday declined 0.41 percent or 27.33 points to 6,621.02 from Thursday’s close at 6,648.35.
Losers outnumbered gainers, 85 to 55, while 56 issues were unchanged. Trading volume reached 1.292 billion, as P26.527 billion changed hands.
The financials, industrial, property and services sub-indices capped the week in the red.
“The market was pulled down by Meralco shares. The San Miguel group sold Meralco shares at a price lower than market,†said Astro del Castillo, managing director of First Grade Finance Inc.
Early in the day, SMC told the bourse that it had put up for sale 63,333,330 Meralco common shares at P270 each. SMC aims to raise P17.370 billion from the transaction. Bloomberg said this is the third biggest asset sale in the Philippines.
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