Stocks, peso close with slight gains
Stocks pulled back after being in negative territory as the main index ended with slight gains at the close of trading on Tuesday.
The Philippine Stock Exchange Index ended 12.02 points higher or at 6,889.91 But the broader market was mixed with 88 advances, 87 declines and 47 unchanged.
Foreign sellers outweighed buyers, with sellers unloading P5.02 billion worth of shares compared to those who bought P3.91 billion.
The peso closed at P49.775 against the US dollar from Monday’s P49.82 Volume reached $329.20 million from the previous day’s $341.10 million at the Philippine Dealing System.
Meanwhile, Jollibee Corp said it will divest 55 percent of its holdings in its China subsidiary to focus on larger business in the country.
In a disclosure to the stock exchange, Jollibee said through its wholly-owned subsidiary Jollibee Worldwide Pte.Ltd it shall divest its shareholding in restaurant chain Guangxi San Pin Wang Food and Beverage Management Co. Ltd, a non wholly-owned subsidiary.
“The divestment is part of the Company’s intention to concentrate its resources on businesses with greater potential, “ Jollibee Corp said in a statement.
Jollibee Worldwide Pte. Ltd shall receive 90 million renminbi from the sale, of which 25 million renminbi will be paid within 2016, 55 million renminbi will be paid within 2017, and 10 million renminbi will be paid within 2018. DMS
