PHStocks

Pasig—(PHStocks)—Energy Development Corporation (PSE: EDC) has signed a joint venture (JV) agreement with Alterra Power Corp., a Canada-based renewable energy company, covering the Mariposa Project in Chile and three geothermal projects located in Peru, namely Tutupaca, Loriscota and Crucero. The agreement sets the framework and main commercial principles for EDC’s potential acquisition of a 70% interest in each of the four projects. Completion of the transaction remains subject to the…

Manila—(PHStocks)—Philippine stocks closed this week’s trading on a negative note as simultaneous profit taking and bargain hunting swamped the market. The Philippine Stock Exchange (PSE) index slid for the fifth straight session, losing 0.6% or 40.11pts to end Friday, 15 March, at 6,654.6. Nevertheless, the Industrials and Holding Firms managed to recover slightly, gaining 0.38% and 0.65%, respectively. The biggest loser was the Financials index, which shed 2.12%. The Property…

Manila—(PHStocks)—Philippine stocks rode a series of widespread profit-taking this week amid new record highs. Strong macroeconomic fundamentals pushed the benchmark Philippine Stock Exchange index (PSEi) past the 6,700-mark on 25 February, closing at 6,721.33 – up by 56.27 points or 0.84%. This strong growth drove investors to cash in on their gains on 26 February, wiping the index’s gains made the previous day. PSEi closed at 6,630.67, down by 1.35%….

Pasig–(PHStocks)–Geothermal leader Energy Development Corporation (PSE: EDC) posted a cumulative net income of PhP615 million for the year ending 31 December 31 2011, 86% lower than the PhP4.4 billion declared in 2010. The non-cash impairment of PhP5 billion taken during the year on the Northern Negros Geothermal Project (NNGP) was the major contributor to the substantial decline in the company’s net income. Also contributing to the decline was the PhP1.2 billion of forgone steam…

Manila–(PHStocks)–Local shares made history this week as the bellwether Philippine Stock Exchange index (PSEi) stocks surge past the 5,000-point mark to close at 5,016.30 points – up 2.52% from last week and higher by 14.74% to date. At the close of trading day on Friday, 2 March, all counters were up, led by the Property index, which gained 2.26% from the previous day. The Holding Firms sector followed, gaining 2.12%….