The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Shares of Philippines’ largest budget carrier plunged to their biggest drop on record, wiping out as much as 21.3 billion pesos ($415 million) from its market value in what traders said was likely a fat finger.
Cebu Air Inc slumped 38 percent to the lowest since August 2014 in the last few minutes of trading and volume was below the three-month average. The order happened during the Philippine Stock Exchange’s no-cancel period at the end of the day, meaning a trader potentially entered a sale price that they couldn’t fix, according to AP Securities Inc analyst Rachelle Cruz.
Cebu Air CEO Lance Gokongwei said the share price drop was likely a fat finger trade.