Investors jacked up stocks of bilyonaryos Greggy Araneta and Martin Romualdez following the landslide victory of Bongbong Marcos in the presidential elections.
Market watchers expect listed firms owned by Araneta, who is married to Marcos’ sister Irene, and Romualdez, the nephew of former First Lady Imelda Marcos, to go “big time” with the return of the Marcos family in Malacanang.
Araneta’s Philweb Corp. (WEB) surged by as much as 38 percent to P4.45 in mid trading, its highest in two years. WEB closed 31 percent up to P4.06 on P170 million at the close of trading.
Araneta took control of the gaming technology provider in 2016 after ultra bilyonaryo Bobby Ongpin was forced to divest after President Rodrigo Duterte called him out as an oligarch.
His family’s real estate arm, Araneta Properties (ARA), also jumped 37 percent to an intra-day high of P1.78, its highest in two years. ARA closed at P1.70 on P14.256 million turnover.
Marcos’ cousin, Romualdez, also saw his thinly-traded stocks get a boost from the poll win.
Prime Media Holdings (PRIM), which owns 14 provincial stations and one TV station in Tacloban, was the day’s biggest winner with a gain of 39 percent to P2 on P15 million turnover.
The Majority Leader’s holding firm, Bright Kindle Resources and Investments (BKR), rose 12 percent to P2.21 on P4.6 million volume.
APL said the 37-year old nephew of former Philippine Stock Exchange director Vivian Yuchengco quit due to “professional differences.”