Globe shares battered by PLDT offer

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Shares of Globe Telecom Inc. (GLO) suffered heavily in Friday trade on the Philippine Stock Exchange index (PSEi), shedding 70.00 points or 3.81 percent to close at P1,766 per share.

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Globe previously closed at P1,836 on Thursday.

The company made no comment to the exchange about Friday’s sharp drop.

Local analysts said it was possibly due to a reaction from investors to an announcement by PLDT chairman Manuel V. Pangilinan that prepaid subscribers of Smart, Sun, and Talk ‘n’ Text would be offered free mobile internet services.

“It is possible Globe will lose subscribers to PLDT [and its affiliated service providers]because of the free internet offer,” one analyst suggested.

PLDT shares also declined on Friday, down 32.91 or 0.45 percent at P7,261.30, due to the general profit-taking trend in the PSEi and concerns the free internet offer would dent revenues up to November 30, the analyst added.

TIMES BUSINESS NEWS DESK

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