By Revin Mikhael D. Ochave, Reporter and Aubrey Rose A. Inosante PROPERTY STOCKS slumped on Tuesday amid concern the ban on Philippine offshore gaming op erators (POGOs) will leave many office and residential buildings empty.
At the Philippine Stock Exchange (PSE), the property index closed 1.62% or 44.24 points lower to 2,681.
82, a day after President Ferdinand R. Marcos, Jr. ordered a total ban on POGOs in the country.
The main PSE index rose by 0.61% or 41.07 points to end the trading day at 6,753.
12. In his State of the Nation Address on Monday, Mr. Marcos also instructed the Philippine Amusement and Gaming Corp.
(PAGCOR) to wind down and cease operations of all POGO facilities by the end of 2024. “(Tuesday’s) performance of the property index was largely influenced by the POGO ban. In the sector, we can see that DoubleDragon Corp.
and DDMP REIT, Inc. were the biggest losers, plunging by 5.2% and 5.
17% respectively, as these two have the most exposure to POGOs among the property firms in the market,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.
DDMP REIT shares fell by 5.17% or six centavos to P1.10 apiece, while DoubleDragon stocks retreated by 5.
2% or 62 centavos to P11.30 each. Stocks of SM Prime Holdings, Inc.
also dropped by 2.45% or 75 centavos to P29.90 per share, while Ayala Land, Inc.
shares dipped by 0.94% or 30 centavos to P31.60 apiece.
“The ban will definitely have a negative impact on exposed firms, particular.