SHARES of Metropolitan Bank and Trust Corp. plunged more than 5 percent on Friday following reports that the bank lost possibly more than P1 billion from an inside job involving a senior officer.
Metrobank shares fell 5.03 percent or P4.03 per share to P86.90, a major loser among the most actively traded stocks on the Philippine Stock Exchange.
THE central bank and the National Bureau of Investigation (NBI) are investigating how an executive of the Metropolitan Bank & Trust Co. (Metrobank) defrauded a client or clients of the second largest bank in the country of more than P1 billion at least past the bank’s internal system controls.
An earlier report said the bank may have lost as much as P2.5 billion from the heist.
Other companies linked to the Metrobank heist story were dragged by the controversy. Shares of the bank’s parent firm GT Capital Holdings fell by 2.85 percent or P35 to P1,195 per share and URC slipped 0.62 percent or P1 to P161.
The bellwether PSEi surged by 1.08 percent or 85.39 points to finish at 7,989.73. The wider All Shares rose by 0.69 percent or 32.81 points to settle at 4,771.64.
The Metrobank story is an isolated case outside of the larger economy, Summit Securities Inc. President Harry Liu said.
“Other than that, the stability of Metrobank, will not change as a bank among the top 3,” he added.
In a separate market commentary, Regina Capital Development Corp. said other market heavyweights “pulled the laggard … and hence ended in the positive territory.”
All sectoral indices were in the green led by property (1.67 percent), holding firms (0.98 percent), mining and oil (0.84 percent), services (0.75 percent), financials (0.45 percent), and industrials (0.33 percent).
SM Prime Holdings was the biggest gainer, adding 3.73 percent or P1.25 to close at P34.80.
More than 1.5 billion shares were traded with a value turnover of P7.8-billion.
Decliners outnumbered advancers, 121 to 82, while 53 issues finished unchanged.