4 weeks ago
12
Merkado Barkada
February 19, 2025 | 9:14am
The PSE notified investors that a trader applied to execute a block sale of P229 million worth of Philippine Airlines [PAL 4.21 ?13.0%] shares, at a sale price of P1.40/share. The application was received on Friday, February 14, and executed on Monday, February 17. The execution price was at a 71% discount to PAL’s market price at the time of the transaction. The block sale represents approximately 11,500 trading days of PAL’s average daily volume.
MB BOTTOM-LINE: This is probably the first significant sale to come out of the 15 billion shares that PAL listed which were given to its multitude of creditors as part of its bankruptcy restructuring, and it demonstrates how shallow the market is for PAL’s stock right now. A great example is what happened yesterday. The stock dropped 13%, which is pretty terrible, but it did so off of just P9,210 in total traded value. That’s a dead market.
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