Chelsea Logistics [C 1.12 ?13.8%; 317% avgVol] [link] saw its shares drop 14% in its first day of trading after the PSE lifted the suspension that had kept Chelsea’s shares untradeable since May 16. The Dennis Uy-owned company was originally suspended for failure to submit a timely Annual Report, and since the company submitted its Annual Report on Wednesday, the PSE gave the market an extra hour to digest the report and opened Chelsea for trading at 10:30 AM on Thursday. Chelsea’s last price the day before it was suspended was P1.30/share, but the first trades to cross after the suspension was lifted were at P1.00/share, a 23% drop.
MB BOTTOM-LINE: Another day, another Dennis Uy stock plumbing new depths. While the stock’s trading volume was in line with its pre-suspension trading average, it felt like a very quiet day considering how long it’s been suspended. The early steep drop was on just P10,000 worth of transactions, which is (let’s be honest) basically nothing in the grand scheme of a company with a P3 billion marketcap. Chelsea hit the market in 2017 at P10.68/share, and is down 89% since then. Those are Villar numbers!
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