BW Resources share price rebounds 30%

Share prices of gaming firm BW Resources Corp. bounced back in yesterday's trading at the Philippine Stock Exchange even as the feud between President Estrada and Securities and Exchange Commission chairman Perfecto Yasay over the stock's probe continued.

The stock rose almost 30 percent to close at P9.60 per share or P2.20 more than Thursday's last posted price of an eight-month low of P7.40. It was also the most active stock with nearly 25 percent of the thin trade turnover of P1.46 billion.

A total of 46.717 million BW shares worth P357.056 million changed hands at the trading floor, with the stock opening weaker at P7 per share before steadily gaining ground just a few minutes before the end of trading.

The stock price averaged at P7.64, peaking at P9.70 and hitting a low of P6.20 during the intra-day transactions. BW's performance made it the top gainer yesterday.

Stock market analysts said the impact of the Estrada-Yasay conflict, which is centered on the ongoing probe on the irregular price movement of the stock late last year, has simmered down on the stock itself since the "word war" has shifted to the political front -- from pressures for Yasay to resign to the President's impeachment.

BW's woes -- its gradual price decline -- started in October last year as the stock reached its zenith price of P107. Since then, the stock has been dragged down by numerous reports linked to its controversial owners, Macau gaming tycoon Stanley Ho and on-line bingo franchisee Dante Tan.

Market jitters also prevailed over the impending release by the end of the month of the PSE's investigation on the alleged stock manipulation, insider trading and other irregularities in BW transactions.