PhilWeb shares rally on fresh accreditation

ABS-CBN News

Posted at Nov 02 2017 10:30 AM

MANILA - PhilWeb shares rallied on Thursday, the first trading day since it disclosed that it secured a new accreditiation to operate from regulators.

PhilWeb was up 22.14 percent to P7.86 in early trading. The Philippine Stock Exchange Index was up 0.32 percent.

The company "can resume their original business model" which was "pretty profitable," ATR Asset Management research head Jomar Lacson told ANC's Market Edge with Cathy Yang.

"There is still some positive sentiment towards gaming," Lacson said.

PhilWeb told the stock exchange that it secured a new license at the end of trading hours last Tuesday. Financial markets were closed on Wednesday.

Company president Dennis Valdes said he was hoping to win back 120 independent gaming operators that used to work with Philweb.