MANILA, Philippines — Shares of Cebu Air, Inc. jumped Wednesday to hit the ceiling price in the morning trade, recovering from a sharp drop reportedly caused by a trading error.
Shares of the Philippines’ largest budget carrier climbed P29 or 50% to P87 apiece Wednesday morning.
Cebu Air dropped 38% to close at P58 each on Tuesday. Citing a representative of the brokerage firm that executed the trade, Bloomberg reported that the slump was caused by “a trader error.”
Bloomberg added that “[t]he order happened during the Philippine Stock Exchange’s no-cancel period at the end of the day.” — Ian Nicolas Cigaral