BIZ BUZZ: As Ayala stocks fall, CEO declares: ‘It’s a buying opportunity’
One of the Philippines’ largest conglomerates and its oldest was not spared from Tuesday’s trading bloodbath.
After opening at P438 per share, shares of Ayala Corp. stooped to a low of P411.4 before closing at P420. In a 52-week period, its shares hit a low of P411.40 and a high of P670.50.
What do these numbers mean for Ayala?
“I think it’s a buying opportunity,” Ayala CEO Cesar Consing told Bizz Buzz on the sidelines of a Makati event organized by the Asia Society of the Philippines and attended by several business bigwigs.
Overall, the Philippine Stock Exchange index slid by 1.2 percent on Tuesday to close at 5,629.07, a new five-year low.
This came on the back of corruption scandals that affected the government’s infrastructure spending, which, in turn, slowed economic growth to a four-year low.
Ayala’s trading woes shared by other index heavyweights also come amid an expanded buyback program, designed to improve shareholder value and show confidence in its shares.
With this, it may not take too long for Ayala shares to recover.
