ABS-CBN stocks further down by 2.22%

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The value of ABS-CBN stocks went further down by 2.22% today closing at 15.88 pesos per share selling at a volume of only 1,284,000 with a trade value of 20.34 million pesos. This is about 40 million pesos lower than yesterday’s trading at the Philippine Stock Exchange.

Trading opened at 16.22 pesos with bidding even reaching a low of 15.60 before settling at 15.88.  Looking at the numbers though, this is still fairly huge compared with the April 28 performance of the stocks which took a severe beating.

The franchise of the media giant hangs as Congress continues hearing of its application for a franchise. Latest update on the issue reveals that the ABS-CBN risk losing its frequencies if the franchise bill is not issued.

ABS-CBN 2 is also open to the possibility of granting government a new educational program as part of conditions for a franchise bill. Congressman Rufus Rodriguez however disputed this as saying that this violates the franchise law.

ABS-CBN 2 CEO Carlo Katigbak threatens to cut jobs if the franchise is not granted by August.

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