Shares of ABS-CBN fall as trading resumes
MANILA, Philippines — ABS-CBN shares returned to action yesterday at the Philippine Stock Exchange (PSE) following an eight-day hiatus.
Shares of ABS-CBN Corp. fell by 14 percent to P15 at Monday’s opening, and closed 7.20 percent lower to P16.24.
Trading of ABS-CBN shares were suspended by the PSE on May 6 after the broadcast giant was ordered to shut down by the National Telecommunications Commission.
Its shares closed at P17.50 on May 5, before undergoing an eight-day break due to the trading suspension.
“Trading of ABS-CBN shares was rather active today as many speculated on the future of the company’s franchise. It remains to be seen on the final outcome of this,” Regina Capital’s Luis Limlingan said.
Limlingan said the stock price of ABS-CBN would likely react to news developments in the coming days.
Chris Mangun of AAA Securities, meanwhile, said ABS-CBN actually performed better yesterday than most investors thought it would.
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