ABS-CBN Corporation’s bullish future resumes at the stock market after plummeting to 11s last week.
After plunging to one of its lowest levels in months, ABS-CBN Corporation made a massive upsurge in its share price on Wednesday, February 2.
Previously the company’s shares slid for four consecutive days after the National Telecommunication Commission (NTC) re-assigned ABS-CBN’s former frequencies to their new owners.
These frequencies included the iconic Channel 2 and its digital counterpart, Channel 16, now under the Manny Villar-linked Advanced Media Broadcasting Service’s care. Channel 2 previously carried ABS-CBN’s flagship analog station in Metro Manila, while Channel 16 carried the network’s TV Plus channels. Channel 43, on the other hand, was re-assigned to Pastor Quiboloy-owned Sonshine Media Network International, and the iconic Channel 23, which carried ABS-CBN’s Studio 23 and Action+Sports channel, was given to Aliw Broadcasting Company.
The announcement’s negative impression instantaneously weakened ABS-CBN Corporation’s stock market performance, with its share price recording a 10% plunge on January 26, and subsequent declines, in the next three days, before hitting PhP11.03 apiece on January 31, Monday.
LOOK: After falling to PhP11 apiece last week, ABS-CBN Corp shares make an upsurge at the stock market. pic.twitter.com/4zf95xpVkD
— Je (@ImNotthatScary) February 2, 2022
A 10% upsurge on February 2, may not be enough to make the company’s stocks return to their previous price a week ago, but it’s worth noting that this can be just a beginning of a continuous upward trend. The company’s stocks traded at a closing price of PhP12.42 apiece. Future developments in the Network, including a possible free TV expansion this year and new collaborative efforts, are most likely to encourage traders to invest in the company.
After being in the red zone for its free TV shut down for two years, ABS-CBN’s future remains bullish as the company projects 2022 to be a ‘profitable’ year.
The Network recorded a shrinking quarterly loss in the past three quarters. It suggested the Network may finally achieve positive income growth this year. An incoming surge of political ad revenues may massively help the media giant’s quest for profitability.
