ABS-CBN stocks down by 7.2% due to franchise woes

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ABS-CBN Corporation stocks went down by 7.2% yesterday due to investor concerns about its inability to air its programs due to a stoppage order by the National Telecommunications Commission (NTC) since May 4.

The media giant opened with a bid price of 15.00 and it went as high as 17 pesos per share only to settle at 16.24 pesos. Total volume of transactions ended by 4,095,100 only with a value of 65.5 million php.

Since 2015, ABS-CBN stock volume has tripled from a low of 9.7 million in 2015, to about 44 million in 2019. Total volume of shares are estimated at 865.510,817.48. The media giant has been traded since July 8, 1992.

Congress has decided to hear the franchise application of ABS-CBN. The media giant also submitted a plea before the Supreme Court asking the highest tribunal to issue a Temporary Restraining order against the NTC order.

ABS-CBN’s franchise ended by May 4, 2020. Congress issued a provisional extension but was not honored by the NTC.

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