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Investors 'cautious' in trading PLDT stocks; seek more details on 'overrun' issue

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ABS-CBN News

MANILA - Investors are seen to be cautious in trading stocks of PLDT Inc after it reported a P48 billion &quot;budget overrun&quot; from 2019 to 2022, AAA Equities President Matthew Cabangon said on Tuesday.PLDT shares dropped by nearly 20 percent on Monday, the steepest since September 1998. &quot;Investors still have a lot of questions on what exactly that [overrun] means. Does that mean they overbuild last year? Or could this have been a P48 billion honest mistake? I don’t know. We don’t know a lot of details yet,&quot; Cabangon said.&quot;I think investors, in trading this stock, would be very cautious. I don’t see it stabilizing until we see a definitive resolution to this issue,&quot; he added.The Securities and Exchange Commission earlier said it is closely monitoring the issue and that it had launched an independent inquiry in relation to the trading of PLDT shares. <ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/12/20/22/sec-to-probe-pldt-budget-overrun-issue">SEC to probe PLDT budget overrun issue; trading losses</a></li>	<li><a href="https://news.abs-cbn.com/business/12/16/22/pldt-shakes-up-management-amid-p48-b-budget-overrun">PLDT shakes up management amid P48-B budget overrun</a></li>	<li><a href="https://news.abs-cbn.com/video/business/12/19/22/pldt-shares-plunge-after-budget-overrun-report">PLDT shares plunge nearly 20 pct after budget overrun report</a></li></ul>

Investors are seen to be cautious in trading stocks of PLDT Inc after it reported a P48 billion 'budget overrun' from 2019 to 2022, AAA Equities President Matthew Cabangon said on Tuesday.