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Sunday, March 11, 2018 Vol. 13 No. 151
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Investors’ bet on a company’s name rattles some analysts
Supparsorn | Dreamstime.com
Stock-market mysticism
F
By VG Cabuag
OR many Chinese investors, names are important. In China, for instance, with the proposal to allow President Xi Jinping to stay in power indefinitely, some investors are buying shares in companies with “king” or “emperor” in their names.
That may also be true for the Philippines, as many of the Chinese investors here are still going with the tradition of investing in stocks that offer good luck, especially now with the erratic move of the Philippine Stock Exchange (PSE). These include stocks that have “gold,” “dragon,” “emperor” or “mega” in their names. “I wouldn’t be surprised if many of the traditional Chinese investors are still doing that to this
date,” Astro del Castillo, managing director at First Grade Finance Inc., said in a telephone interview. “But we’re hoping that they’re not doing it at this point,” del Castillo said, adding that they conduct investors’ education to avoid such action. But in a period of speculation, with the benchmark index’s wild swings during the past weeks since the New Year, many are betting on second- and third-tier listed stocks.
One of these stocks included the Villar-led Golden Bria Holdings Inc., a company that operates memorial parks and crematoriums in the country. Formerly Golden Haven Inc., the company had an initial public offering (IPO) price of P10.50 per share, but its stock price at the moment now stands at an eye-popping P314 per share, or a 2,890-percent increase. Its share price rose as much as P343 apiece. The company denied having a
hand in the stock price’s movement and was already asked by the PSE on the issue. One such statement was issued on February 21, when Golden Bria’s stock price zoomed from P174 to P261, 15 minutes before the midafternoon trade that day. The company said it was not aware of any undisclosed information that could have influenced the price of its shares, HVN, just five days after the Chinese New Year. Continued on A2
It’s turn of Miascor execs, employees to seek justice from Duterte
‘I
By Recto Mercene
s the gravity of the crime committed by six Miascor Aviation Services [Miascor] employees caught and penalized for pilfering the luggage of an overseas Filipino worker [in Clark airport], commensurate to terminating a multimillion-peso company, and ending the livelihood of some 4,000 personnel?” This was the question raised by Ritchel Bernardo, Miascor training manager, in an interview with the BusinessMirror, even as she expressed strong doubts on whether it was really President Duterte who ordered the decades-old airport groundhandling company’s closure.
“The thievery committed by six employees was addressed: They were immediately dismissed, while the migrant worker was also indemnified. Is that [the penalty] for [the] 4,000 [Miascor workers] who lost their jobs?” she said in a mixture of English and Filipino. “We want the President to see
PESO exchange rates n US 52.0160
our plight today. Is this what he [Duterte] wants to happen?” About a thousand of the 4,000 employees of Miascor groundhandling services recently held a protest action right at the Miascor compound near the Ninoy Aquino International Airport (Naia) to dramatize their dismay over the company’s looming closure. They said their plan was to march on the streets around the airport—from their headquarters on Ninoy Aquino Avenue all the way to the Naia and back—but were told to confine themselves inside the compound, hemmed in by the Tourist Duty Free Shop to the south and another ground-handling service company, the Philippine Airport Ground Support Solutions Inc. (PAGSS).
Evicted
ON January 19 Manila International Airport Authority (Miaa) Continued on A2
President Duterte reacts during a news conference at Malacañang, March 13, 2017. AP/Aaron Favila
n japan 0.4896 n UK 71.8757 n HK 6.6332 n CHINA 8.2072 n singapore 39.4988 n australia 40.5153 n EU 64.0525 n SAUDI arabia 13.8702
Source: BSP (March 9, 2018 )