BENGALURU (Jan 29): South Korea, Indonesia and Philippine stocks slid more than 1% on Friday after U.S. futures fell deeper into the red, leaving already unnerved investors unsure about taking on riskier bets.
Indonesian shares are headed for their seventh session of losses and their worst week since March, falling nearly 7%, while stocks in South Korea and the Philippines will mark a fourth session in the red if losses hold.
It has been a frenzied week in equity markets, with retail investors taking on hedge fund short positions, and that has spilled over into Asia just as COVID-19 vaccine rollouts have run into delays and the global economic recovery looks more uncertain.
Stocks decline further as investors pocket gains bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
December 29, 2020 | 12:02 am Font Size
PHILSTAR/EDD GUMBAN
THE LOCAL bourse on Monday suspended the trading of securities of Manila Electric Co. (Meralco), which earlier announced its unit Meralco PowerGen Corp.âs (MGen) intention to acquire 100% ownership of Global Business Power Corp. (GBP) as the distribution utility has yet to submit the requirements for the substantial acquisition.
In a regulatory filing, open-end investment company First Metro Philippine Equity Exchange Traded Fund, Inc. (FMETF) said that the suspension took effect on Monday morning.
âThe Exchange deems that the foregoing transaction (of acquiring full ownership of GBP) is covered by the Rule on Disclosure for Substantial Acquisitions and Reverse Takeovers, under Section 5, Article VII of the Consolidated Listing and Disclosure Rules of the Exchange (the âSubstantial Acquisition Ruleâ),â the FMETF reported.