THE stock market operator is reviewing whether PLDT Inc. adequately and timely disclosed material information after its shares slumped on Dec. 16 right before its disclosure of a big budget overrun.
“We’re a little concerned with the impact as the confidence of investors in the stock market has been seriously affected considering that the PLDT is one of the biggest index stocks,” Ramon S. Monzon, Philippine Stock Exchange president and chief executive officer, toldHe said it was important for the PSE to look into the PLDT issue because of its impact on the market.
PLDT shares continued their decline the following week, slumping by 19.35% on Dec. 19 to P1,192 and by 0.17% to P1,190 on Dec. 20. “There were already negative speculations running around the market after the stock closed at P1,541 on Dec 15, 11% lower than Friday’s close of the previous week,” AP Securities, Inc. Equity Research Analyst Carlos Angelo O. Temporal said in a Viber message.
“The special briefing that PLDT held last week was able to ease the clamor but there are still a lot of questions left unanswered and management has yet to come up with the final figure for the so-called [capex] overrun,” Mr. Temporal said.
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