The shares of the Lopez controlled ABS-CBN
Corporation is taking a beating as it shares in the stock market slid 7.2
percent,
ABS-CBN shares ended at ₱16.24 apiece, down from the ₱17.50 closing rate when these were last traded
on May 5. The Philippine Stock Exchange (PSE) imposed a trading suspension on
the stock as well as ABS-CBN Holdings Corporation, the network's investor and
issuer of depositary receipts, the next day following the news that the
National Telecommunications Commission (NTC) issued a cease and desist order (CDO)
against the Lopez conrolled TV and radio broadcasts due to an expired franchise.
 |
| (photo credit to owner) |
ABS-CBN Holdings also saw its value slide by
4.67 percent to ₱14.70
by the closing bell. Trading of these stocks resumed 9 a.m. of Monday since
being suspended on May 6.
The situation clearly sent the investors to be
affected by the NTC’s order for the corporation going off the air.
"Well the fact it is down, more investors
are worried about the long-term outcome of ABSCBN's franchise. Although price
has in fact recovered, there are many of speculators who believe that in the
end, the franchise will be granted," Luis Limlingan, managing director o
stock brokerage firm Regina Capital, told CNN Philippines in an interview.
What can you say about
this?
Share us your thoughts by simply leaving on the
comment section below. For more news updates, feel free to visit our site
often.
Stay
updated with today's relevant news and trends by hitting the LIKE button.
Thanks
for dropping by and reading this post.
Report from CNN Philippines
Disclaimer:
Contributed articles does not reflect the view of THE PH CHRONICLES. This website cannot
guarantee the legitimacy of some of the information contributed to us. You may
do additional research if you find some information doubtful. No part of this
article maybe reproduced without permission from this website.
0 Comments