The Philippine Stock Exchange said that during May 24 to 28, a total of P188.93 million AboitizPower shares worth P4.04 billion were exchanged. As a result, the conglomerate was the second-most frequently traded item on the local exchange last week.

AboitizPower’s share price increased by 6.1 percent week on week to P23.40 a share on Friday, from its May 21 closing price of P22.05 per. The stock has dropped 13.3 percent since the beginning of the year.

According to Regina Capital Development Corp. Equity Analyst Anna Correne M. Agravio, despite a solid performance last Friday, the AboitizPower share price fell last week after being removed from the MSCI Philippines Index – Global Standard.

“Despite the Friday breakthrough, AP is still trading near to its record lows, so it would be fair to say that AP is still on investors’ radar,” she stated in an e-mail last Friday, referring to the company’s ticker symbol.

Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said in a Viber message that AboitizPower’s closing higher was due to end-of-month window dressing.

AboitizPower, Megaworld Corp., and Puregold Price Club, Inc. were removed from the MSCI Philippine Standard Index on May 11, with effect as of the end of business on May 27. Petron Corp. was removed from the MSCI Philippines Small Cap Index, while Century Pacific Food, Inc., Megaworld, Puregold, and Robinsons Retail Holdings, Inc. were added.

The MSCI indexes are evaluated quarterly and rebalanced twice a year to ensure that they continue to serve as an appropriate benchmark for the markets they represent.

Meanwhile, AboitizPower is building a 74-megawatt (MW) solar power plant in Bugallon, Pangasinan, its second renewable energy (RE) project following the 59-MW solar plant in San Carlos, Negros Occidentales.

“It is no secret that AP wants to increase its Cleanergy portfolio over the coming decade. As a result, it is quite probable that this is not the company’s last RE investment,” added Ms. Agravio.

“The Pangasinan solar plant and other RE projects will allow AP to take advantage of the government’s renewable energy legislation,” she said.

According to Mr. Pangan, investors may still be in a “wait-and-see” mode as they watch how the project’s construction stage develops, adding that commercial operations are expected to begin in the fourth quarter of 2022.

During the first quarter, AboitizPower’s attributable net income more than tripled to P6.18 billion, up from P2.06 billion the previous year.

Ms. Agravio expects AboitizPower to “pull back slightly” this week as it approaches immediate resistance at P24, while support is around P20.

Mr. Pangan set AbotizPower’s support and resistance levels at P20.50 and P24, respectively.


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