Stock price rises; China Railway Group delays IPO

Manila Philippine stocks rebounded on Tuesday on solid corporate profits.

At the close, the benchmark Philippine Stock Exchange Index (PSEi) rose 0.82%, or 56.05 points, to 6,854.66, while the broader All-Share index rose 0.54%, or 19.09 points, to 3,581.70.

About 520.65 million shares worth 4.93 billion pesos changed hands, while foreigners were net buyers of about 666.5 million pesos.

Companies including Ayala Land (up 2.8%) and SM Prime Holdings (down 0.45%) reported full-year financial results.

The services industry rose 2.4%, followed by the financial industry and holding companies, which rose 0.83% and 0.75% respectively.

read: BIZ BUZZ: IPO unveiling rethinks timing

Meanwhile, tycoon Edgar Saavedra’s Citicore Renewable Energy Corporation (CREC) officially announced on Tuesday that it will postpone its P12.9 billion initial public offering (IPO) from March this year. Second season.

read: Asian shares fall, unmoved by China rate cut

CREC said it is also in talks with potential large investors ahead of the IPO and hopes to conclude discussions “as soon as possible.”

“We believe there is no cause for concern in China Railway Group's delaying its listing to the second quarter of 2024. Among other companies that delayed their listing last year, they boldly became the first to do so. [were the] Gabrielle Aguila, head of equity research at Unicapital Securities, said: “In the early stages of market recovery in the challenging environment of 2022 and 2023, we are the first to appeal to investors for large-scale IPOs.”

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