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

KEY TAKEAWAYS

  • 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

Join our classes to learn more about trading @ REGISTER HERE

Article by: Ashok – Strategic Financial Coach

0 Comments

Leave a reply

Your email address will not be published. Required fields are marked *

*

CONTACT US

We're not around right now. But you can send us an email and we'll get back to you, asap.

Sending

FINWAZE makes no representations or warranties, express or implied, in relation to this website (www.finwaze.com) or the information and materials provided on this website. It does not also warrants that this website will be constantly available or available at all times. The information on this website is complete, true, accurate or non-misleading. Nothing on this website constitutes, or is meant to constitute, advice of any kind. FINWAZE shall not be liable for any damage or injury, whether direct or indirect, that it may cause in relation to the contents of, or use of, or otherwise in connection with this website. By using this website, you agree to the reasonableness of the limitations of liabilities herein set out and further agree to assume whatever risk, loss, damage or injury in may cause in connection to the use of this website. No claims shall be brought personally against the officers and employees of FINWAZE, in connection with the use of this website. The user of this website agree to the limitations of warranties and liabilities herein set out to protect the officers, employees, agents, subsidiaries, successors, assigns and sub-contractors as well as FINWAZE. Any unenforceable provisions that may be found on this website under applicable law shall not affect the enforceability of the other provisions.

Legal Documents  |  ©2020 Finwaze Philippines

Pin It on Pinterest

Share This

Log in with your credentials

Forgot your details?