Market players expected Emperador (EMP) to drop after it was booted out of the Philippine Stock Exchange Index (PSEi) on August 16, but bilyonaryo Andrew Tan’s stock stunned everyone with a sharp bounceback.
EMP, the world largest brandy maker, soared by 31 percent to P16 on August 18 (with an all-time high of P16.36) or three days after it was replaced by AC Energy Corp (ACEN) in the PSEi for its illiquid shares.
EMP’s exit from the blue chip index was painful as it came just a year after getting the much coveted spot.
EMP was the second-highest gainer on August 18 – up 12.83 percent on P460 million worth of trades – after it announced it was pursuing its plan to list on the Singapore Exchange.
Truly, if one door closes a window opens for Tan.