Chelsea plunges 4.92% on second trading day

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Stock market debutante Chelsea Logistics Holdings Corp. (CLC) fell for a second consecutive day on Tuesday, retreating by 4.92 percent to close at P10.04 apiece.

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“Maybe it (CLC) just lacked investors’ support. But CLC has good fundamentals, and price-earnings ratio is cheap at this level and shipping transport business I think will continue to improve as the globbal economy is improving,” IB Gimenez Securities, Inc. research head Joylin Telagen said.

“I think sellers [have]subsided already compared to yesterday so hopefully we can see a reversal for CLC soon,” she added.

Chelsea, which listed on Tuesday, set an initial public offering price of P10.68 per share. It reached a high of P11.22 but closed the first trading day at P10.56.

The stock hit an intra-day low of P9.50 apiece.

 

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