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INVESTORS ignored the offer of Lopez Inc., the unlisted
holding company of the Lopezes, to buy 7.98 million
shares held by the public in First Philippine
Infrastructure Inc. (FPII).
In refusing to sell, investors found the
price of their shares in the company surged to a high of
P6.40 on June 16. The stock’s 30-day low of P3 on May 28
was even slightly higher than the Lopezes’s buy offer of
P2.98354.
ABS-CBN Broadcasting Corp., also
controlled by the Lopezes, joined the list of winners
last week. It closed on Friday at P19.50 for a week’s
gain of 11.43 percent.
Meralco keeps falling
MANILA
Electric Co. did not land among the week’s losers, a
performance which was not a consolation to its
stockholders.
But its public stockholders,
particularly foreign funds, still felt the pressure to
sell as a result of the government’s “takeover” threat.
Although Meralco declined 3.571 percent
at P40.50 only on Friday from P42 the previous week, in
the last 30 days it had fallen 42.143 percent to P42.50
on Friday from P70—the 30-day high that it recorded on
May 19. It plunged to its low of P36 on June 25.
Although FPII had a thin turnover of
P30,000 based on the weekly monitor of the Philippine
Stock Exchange for the five-day trading ended June 27,
its performance indicated the investors’ reluctance to
part with their holdings. The company’s shares were
traded only in two sessions with turnover of P17.4
million on Tuesday and P13.05 million on Thursday.
With its performance, FPII was the
week’s No. 5 in the list of 30 biggest gainers topped by
Makati Finance Corp.
Among the biggest losers, Universal
Robina Corp. was No. 7 when it closed the week at P10.26
for 21.15 percent drop on value turnover of P59.966
million. The food company, controlled by the Gokongwei
family, reported a huge drop of 48.34 percent in its net
income in the quarter ended March 31, to P263.628
million from P510.309 million in the same period in
2007.
In a filing, URC, one of 30 companies
included in the 30-company Philippine Stock Exchange
index, reported that in the first six months ended
March 31 its net income was P497.312 million, down from
P4.119 billion, of which P2.859 billion represented gain
of sale of investments.
Among the PSEI property stock, Filinvest
Land was the best performer. It gained 6.06 percent
during the week but still had to recover its 25.53-
percent decline in four weeks.
Megaworld Corp., another PSEI stock, was
a different story. It has lost 36.73 percent in the last
four weeks including the 11.43-percent drop it recorded
on Friday, when it closed at P1.24.
Like its parent company, which is
controlled by businessman Andrew Tan, Empire East Land
Holdings Inc., was also among the week’s losers. It
closed at P0.43 for a 10.43-percent loss which added up
to a 25.86- percent drop in the last four weeks. |
