Shares of media giant GMA Network soared to 23.69 percent at the local stock market after its rival ABS-CBN was ordered to halt its broadcasting operations.
GMA-7 was among the most actively traded companies on Wednesday, with its closing price of P5.90 per share and a market capitalization of around PhP 16 billion, following expectations that the TV network will have an increase in revenue from local advertising.
GMA-7 is now a bit ahead than ABS-CBN’s valuation of P15.08 billion.
Meanwhile, the Philippine Stock Exchange (PSE) suspended trading of ABS-CBN’s common shares and depositary receipts following the cease-and-desist order from the National Telecommunications Commission (NTC).
This will be lifted one trading day after ABS-CBN has submitted a full disclosure on the impact of the NTC-issued order on its business, financial condition, operations, and prospects, as well as its business continuity plan, risk mitigation measures, and such other material information for the investing public.
“Under the PSE disclosure rules, the exchange is mandated to ensure that the investing public has access to full, fair, timely and accurate information where such information may reasonably be expected to materially affect the market activity and the price of securities,” noted the PSE.
GMA’s Philippine Depositary Receipts (PDRs) also rose by 9.5% to P5.29. The Manila Broadcasting Company and the Manila Bulletin Publishing Corporation are also among the top gainers tallying at 31.6% and 11.27% respectively.