Losing steam? NOW slips after hitting intraday high of P20
Technology service provider NOW Corp. of businessman Mel Velarde hit a record intraday high of P20 each share but slipped back as investors cashed out some of the gains they’ve made in the past trading sessions.
Investors panicked after the company was asked by the Philippine Stock Exchange’s Capital Markets Integrity Corp. (CMIC) to explain the unusual price movement of the stock.
The CMIC acts as the independent audit , surveillance and compliance arm of the exchange. Its primary mandate is to maintain the integrity of the market and minimize the risk of the investing public.
NOW fell 8.6 percent to P13.98 Thursday with value turnover breaching P2 billion. A total of 129.82 million shares changed hands.
From only P2.91 last Jan. 5, NOW’s share price has grown nearly five-fold as investors speculated on the company’s bid to become the country’s third player in the telco sector.
The company’s market capitalization is now valued at P23.2 billion.