FNBB Close The Week Trading Over 10 Million Shares :: Mmegi Online

FNBB closed the week having traded over 10million shares on the last session for the week, the stock however dipped 5 thebe lower to close at P2.68 per share. We have highlighted recent lack of activity on our market, demand is generally subdued and some large capitalised stocks that normally boast better liquidity have come under some selling pressure and have been on a back foot for most of the quarter.

The bank, which has a market capitalisation of P6.87 billion, closed the week 1.8 percent lower and 9.5 percent lower since the start of the year.

Letshego is down by 1.9 percent for the week, extending year to date losses to 8.7percent. Last year the counter dropped as low as P1.80 per share under immerse selling pressure and bounced back after the company bought over 52 million shares from the market, exercising a share buyback programme shareholders had approved. A weaker form of the same trend seems to be in play, and with the ECB expected to tighten its monetary policy, we fear that there might be a flight of capital from emerging and frontier markets in pursuit of rising yields.

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