The Philippine Stock Exchange index (PSEi) marginally went up by 0.2% on Tuesday, November 3, as investors anticipated the outcome of the presidential election in the United States.

Most of the subsectors inched up, with financials and industrial gaining over 1%.

Philippine stocks stayed in the green, following the trend in Asia. Singapore stocks gained the most, closing at over 2%.

Advancers led decliners, 125 to 80, while 47 were unchanged.

Foreign investors sold more shares than they bought, resulting in net foreign selling reaching over P1.1 billion.

Corporate news

Petron – Ramon Ang-led Petron Corporation posted a net loss of P12.6 billion in the first 9 months of 2020, as domestic volume plunged amid the coronavirus crisis.

During the same period in 2019, Petron earned P3.6 billion.

Consolidated revenues also declined 43% to P216.4 billion from last year’s P381.7 billion. 

Petron’s consolidated net income improved in the 3rd quarter, reaching P1.6 billion.

Century Pacific – The company earned P3.3 billion in the first 9 months of the year, 26% higher than the same period last year.

Gross profits grew by 28% from January to September, driven by stable raw material price trends and favorable foreign exchange rates, as well as growth in its branded business.

“In spite of easing restrictions, we continued to see healthy growth in the 3rd quarter due largely to the essentials and staples nature of our portfolio. Demand was robust amidst a more challenging environment and weaker consumer sentiment given our value-for-money positioning,” said Oscar Pobre, Century Pacific’s chief financial officer.

Chelsea Logistics – Dennis Uy’s Chelsea Logistics and Infrastructure Holdings restructured its shareholdings in Dito Telecommunity.

It sold 40.8 million common shares and 22.9 million preferred shares of Dito Telecommunity to Dito Holdings.

Chelsea Logistics said the move would “streamline the shareholdings of the corporation and of Udenna Corporation in Dito Telecommunity through a holding company, Dito Holdings Corporation.”

Chelsea Logistics will continue to hold 25% of Dito Telecommunity albeit indirectly through Dito Holdings.

Udenna Corporation owns 35% of Dito Telecommunity, while China Telecom owns 40%. – Rappler.com