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ABS-CBN tumbles on trading resumption

ABS-CBN Corp., the country’s media company, sank after the stock exchange allowed the shares to trade again yesterday following a halt that lasted eight sessions.

The stock fell as much as 14% from its last trade on May 5 at ₱17.50 before closing down 7.2% at ₱16.24.

The Philippine Stock Exchange suspended it on May 6 pending ABS-CBN’s discussion on how its business will be affected after the government ordered it to stop its broadcast as its franchise expired.

Lawmakers approved on Wednesday a temporary franchise for the company to air until the end of October while they deliberate renewing a 25-year permit. The network was ordered shut by the telecommunications commission on May 5, a day after its franchise expired.

The stock surged to a one-year high in February as he said he wouldn’t interfere in Congress’ deliberations about the renewal. It then sank 35% in three weeks amid a wider coronavirus-fueled sell-off, before rebounding 14% by the time it got halted. (Bloomberg)

Source: Manila Bulletin (

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