Delisting and trading 'pause': A quick look at the week ahead
This week is interesting on paper but might end up being another quiet week because of the non-trading day on Wednesday the 28th for Eid.
We get the party started on Monday with the delisting of Unioil Resources [UNI] and PICOP Resources [PCP], which have both been delinquent for more than a decade. The delisting of UNI and PCP will have no impact on the market.
On Tuesday, the Petron follow-on offering sale will end (the prefs will list on July 7).
Then we hit “pause” on Thursday with a non-trading day in commemoration of Eid, and I assume that the Repower Energy Development Corporation [REDC 5.00 pre-IPO] offer period will start the following day. It was originally scheduled to start on the 28th, but that was before the government’s declaration of that day as a holiday.
MB BOTTOM-LINE
It’s a nice mix of tidying up (the delistings) and some new business (the PCOR FOO and the REDC IPO), with a little breather in the middle that will probably lead to me getting a flood of out-of-office replies after I hit “send” on Friday morning.
We’re more than halfway through the year, though, and market sentiment is as bad as I’ve ever seen it (without a lockdown). The market is going to have to do some truly heroic lifting to get over 8,000 by the end of the year, as some brokerages predicted back in January, when the PSE was around 6,800.
Who knows what could happen; the news over the weekend about the ridiculous events in Russia just goes to show (to me, at least) that any forecasts that rely on external factors are brittle to the instabilities in the system.
--
Merkado Barkada's opinions are provided for informational purposes only, and should not be considered a recommendation to buy or sell any particular stock. These daily articles are not updated with new information, so each investor must do his or her own due diligence before trading, as the facts and figures in each particular article may have changed.
- Latest
