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Wednesday, April 9, 2014

DoubleDragon shares surge 30%, but PSEi down nearly 0.50%

Shares of Double Dragon Properties Corp. which debuted on the Philippine Stock Exchange on Monday surged anew on Tuesday as investors continued to buy the issue, but the market in general traded on a weak note.

"All eyes were on DoubleDragon," Miko Sayo, analyst at Nieves Securities Inc., said.

DoubleDragon shares surged 28.67 percent to P3.86 per share. The shares were priced at P2 apiece under an initial public offering. The issue soared 50 percent on Monday.

This, according to him, is amid the pressures that global markets are experiencing due to rising geopolitical tension in Ukraine, the unchanged US unemployment data, among other things.

The main PSEi fell 26.91 points or 0.41 percent 6,587.49. The broader All Shares dropped 9.76 points or 0.25 percent to 3,959.31.

More than 1.3 billion shares valued at P7.7 billion were traded.

However, winners led losers 81 to 79 while 53 issues were unchanged.

Source: GMA News

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