MPIC, Manila Water, ABS-CBN reel from Duterte’s rant
PRESIDENT Rodrigo R. Duterte’s threat against Metro Manila’s water concessionaires sent shares of their owners stumbling at the stock market on Wednesday, along with those of the biggest local entertainment network that was also at the receiving end of the Philippine leader’s ire a day earlier.
“I would say it has to be a major factor. Investors are staying away from the stock for now as there is a lot of uncertainty regarding the concession of the two utility firms,” said Luis A. Limlingan, business development head at Regina Capital Development Corp.
Metro Pacific Investments Corp. (MPIC), the controlling shareholder of west zone concessionaire Maynilad, was yesterday’s second top market loser as it gave up 10.71% of it share price. DMCI Holdings, Inc., which also has a stake in the water firm, fell by 3.85%. Shares in Ayala-led Manila Water fell by 4.79% while those of ABS-CBN slipped by 2.64%. READ MORE
TECHNICAL CHARTS & THE WORST IS NOT OVER YET
- Fundamental supersedes technical for now
- Buy only at the support or above resistance EQ
- Stay away from ABS for now till there are clearer or different messages from the President; but for now he is clear that there is no renewal.
- All critical support breaks and bargain hunting will start soon
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Article by: Ashok – Strategic Financial Coach