Local shares end mixed despite Cebu Pacific IPO

By Maiki Oreta, ABS-CBN News

Posted at Oct 26 2010 01:19 PM | Updated as of Oct 26 2010 09:19 PM

MANILA, Philippines - Local shares ended mixed on Tuesday as investors opted to stay on the sidelines, waiting for more corporate news.

The key Philippine Stock Exchange index fell 0.2% or 7 points to 4,280, snapping out of a 3-session advance.

The broader all-share index, however, rose 0.2% or 5 points to 2,722.

Gainers beat losers, 61 to 58, while 53 issues were unchanged.

Value turnover came in at a hefty P33.3 billion due to block sales in Cebu Air Inc., which held its maiden public offering.

The carrier was the top traded stock by value, with its shares up 6.4% at P133.

Cebu Air, a unit of conglomerate JG Summit Holdings Corp., raised $611 million in its initial public offer, a record amount in dollar terms for a Philippine IPO. It sold about 215 million shares at P125 each.

Company president and chief executive Lance Gokongwei said the airline's third-quarter earnings, which will be released by November 15, are expected to be in line with the 29.4% growth recorded in the first half.

Meanwhile, Atlas Consolidated Mining and Development Corp. was the second most active. Its shares advanced for a the 5th straight day, gaining 2.9% to P19.70.

Aboitiz Power Corp. was also actively traded, inching up 0.2% to P28.50, a fresh record high.