Meralco stock dives on fear of SEC probe

AFTER POSTING A RECORD-BREAKING RALLY PAST the P300-per share mark on Wednesday, Meralco shares yesterday took a dive at the stock market on concerns that stock price had gone up too fast too soon.

Meralco’s stock price tumbled by P54, or 18.3 percent, to close at P241 yesterday, leading the main-share Philippine Stock Exchange index lower.

Some traders said the sell-off was partly due to fears that the Philippine Stock Exchange and Securities and Exchange Commission would soon conduct a probe on the trading of Meralco shares on suspicion of price manipulation.

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