Firm With No Revenue Is the Most-Traded Philippine Stock With 103% Gain yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
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The main index gained 44.29 points or 0.65 percent to close at 6,903.75 with only the Industrial and Services counters declining.
Volume was a little higher at 36.2 billion shares worth P10.42 billion as gainers beat losers 123 to 99 with 43 unchanged.
“Local shares closed much higher to reach the 6900 level as regional earnings continue to come in better than expected, and ahead of the local CPI data, which will be released (Friday),” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Senior Analyst Japhet Tantiangco said stocks rose as “Economic recovery hopes got a boost from the Congress’ ratification of the Corporate Recovery and Tax Incentives for Enterprises bill compelling investors to pick up shares.”
Loss-making miner becomes most-traded Philippine stock with 103% gain
Philippine Stock Exchange. Credit: Wikipedia
Abra Mining & Industrial Corp. has no revenue and zero analyst coverage. Yet, the loss-making mining company’s stock has more than doubled in 2021 and is also the most-traded name in the Philippines.
The penny stock’s surge showcases the extremes to which the retail mania has reached in the Philippines, home to one of the world’s worst-performing equity markets this year. Discouraged by the decline in the nation’s benchmark gauge, mom-and-pop investors have been loading up on speculative names in the hope of lucrative returns.
MANILA: Philippine stocks have rapidly gone from one of the world’s best performers to the absolute worst, prompting the nation’s growing pack of retail investors to shift attention to speculative penny stocks in the search for better returns.
The Philippine Stock Exchange Index is down 7.4% so far this year, the biggest decline among 92 global equity benchmarks tracked by Bloomberg.
That’s a dramatic turnaround after the gauge’s 22% surge in the three months ended December saw it ranked No. 16 for that period.
Faced with a decline in the nation’s biggest stocks amid an exodus of foreign investors and a weak economy, local individual traders are shifting to riskier plays, mirroring their global peers.
Manila: Philippine stocks have rapidly gone from one of the world s best performers to the absolute worst, prompting the nation s growing pack of retail investors to shift attention to speculative penny stocks in the search for better returns.
The Philippine Stock Exchange Index is down 7.4% so far this year, the biggest decline among 92 global equity benchmarks tracked by Bloomberg. That s a dramatic turnaround after the gauge s 22% surge in the three months ended December saw it ranked No. 16 for that period.
Faced with a decline in the nation s biggest stocks amid an exodus of foreign investors and a weak economy, local individual traders are shifting to riskier plays, mirroring their global peers. U.S. retail investors have been piling cash into small caps, initial public offerings and options as the S&P 500 Index has treaded water so far in 2021.