Dennis Uy, a cash-strapped businessman, avoided a bloodbath when DITO CME Holdings resumed trading.
After its trading was halted for a day due to the fallout from its P8 billion stock rights offering (SRO) flop, market watchers expected DITO to be thrashed.
DITO fell to a 52-week low of P4.61 on January 28, but rebounded 1.3 percent to P5.15 on February 2 after falling to P5.08 on January 28.
With net foreign buying of P10.49 million, total turnover was strong at P169.44 million.
After management unilaterally announced the cancellation of its SRO four days after its January 25 offering period deadline, the Philippine Stock Exchange ordered a trading halt on DITO on January 31.
$DITO going to get smoked regardless of the SRO decision
— Will Cabangon (@wmcabangon) January 29, 2022
The PSE lifted the trading halt after only one day, blaming the SRO failure on “less than ideal market conditions.”