Philippine Stock Exchange data showed Converge was the most actively traded stock in terms of value turnover last week. A total of 66.97 million Converge shares worth P1.97 billion were traded from March 28 to April 1.
“A classic sell-on-news scenario wherein traders jumped in early in the week, then cashed in profits upon the release of DTI’s statement that it’s making preparations to facilitate the entry of Elon Musk’s SpaceX Leo here at home,” she said in an e-mail interview. The DTI said the Philippines would be the first country in Southeast Asia to acquire SpaceX’s technology that aims to deliver high-speed satellite connectivity even in far-flung areas.
Meanwhile, Mercantile Securities Corp. Analyst Jeff Radley C. See said the buying pressure pushed activity for Converge. Converge’s net earnings jumped more than twofold to P7.16 billion last year from P3.39 billion in 2020.
Source: News Formal (newsformal.com)
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