The Philippine Stock Exchange index (PSEi) settled at 7,108 on Tuesday, November 24, 0.97% lower than the previous day’s close, on the back of profit taking.

The PSEi opened at the 7,200 level, but eventually pulled back, as coronavirus vaccine news continued to move the market.

Luis Limlingan of Regina Capital noted that local shares succumbed to profit taking as “foreign funds flock back into their region of domicile as good news came in upon the announcement of the 90% effectiveness rate of AstraZeneca and the University of Oxford’s COVID-19 vaccine.” 

Foreign buying stood at P5.2 billion, while foreign selling reached P5.8 billion.

Only 7 of the 30-member PSEi saw gains, led by the 1.7% gain of Robinsons Land.

Corporate news

Double Dragon – DDMP REIT Incorporated, the real estate trust company of Injap Sia’s Double Dragon, announced its P14.7-billion initial public offering for February 2021.

It plans to offer up to 5.9 billion shares with an overallotment option for 594.2 million shares at a maximum price of P2.25 apiece.

It said 70% of the shares will be sold to foreign investors, while the remaining 30% would go to domestic investors.

The planned offer period is from February 10 to 17 next year, while listing is tentatively scheduled on February 26.

Fruitas – The kiosk operator is adding a premium dairy-based ice cream line and premium soy-based ice cream to its product portfolio.

“Ice cream has long been the go-to dessert of Filipinos. Recognizing this customer need, Fruitas came up with two new premium ice cream lines which will certainly make Filipinos happy, yet keep them healthy at the same time,” said Lester Yu, Fruitas president and chief executive officer.

The company has already reopened close to 800 outlets in its kiosk network since the pandemic.

Golden Bria – Manny Villar’s Golden Bria Holdings will be changing its name to Golden MV Holdings.

Its stock symbol, HVN, will likewise be changed. – Rappler.com