GMA Network Inc. is clueless on why its stock rocketed a day after rival ABS-CBN Corp, was taken off the air by the National Telecommunications Commission.



GMA Network Inc. is clueless on why its stock rocketed a day after rival ABS-CBN Corp, was taken off the air by the National Telecommunications Commission.
“GMA is not ware of any undisclosed information that could have triggered the unusual price movement of GMA shares,” said GMA first vice president Ayahl Ari Augusto P. Chio in a letter to the Capital Markets Integrity Corp.
Shares of GMA – owned by bilyonaryos Felipe L. Gozon, Gilberto Duavit, Jr., and Joel Marcelo Jimenez – soared by 17 percent to P5.90 on May 6 from P4.77 on May 5.
Trading of ABS-CBN shares has been suspended since May 6, a day after the NTC issued a cease and desist order against the Lopez-owned media giant after its franchise expired on May 4. ABS-CBN has stopped airing on Channels 2 and 17 and radio frequency DZMM 630.
Location: Philippines

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