MANILA – Tycoon Ramon Ang’s Eagle Cement debuted strong on the stock exchange on Monday, hoping to benefit from the government’s massive infrastructure push.
Eagle Cement shares were up 5.87 percent in early trading to P15.88. The initial public offering, priced at P15 per share, was three times oversubscribed.
“It’s going to be Eagle’s day today. The market will mostly be trading in Eagle Cement,” AB Capital Securities investment manager Migs Lopez told ANC’s Market Edge with Cathy Yang.
The Philippine Stock Exchange Index was up 0.22 percent to 7,884.65 in early trading. The peso opened at P49.725 against the dollar from P49.75 on Friday.