(Bloomberg) — Philippine media giant ABS-CBN Corp. rose by the 50% daily limit after announcing the return to free-to-air television of some of its entertainment shows three months since it was denied a congressional permit.
Shares closed at 13.50 pesos each on Wednesday in Manila trading, the highest since July 22, even as the index fell by 0.7%. It also rallied by 50% on Monday, then slumped 15% the next day. Shares of its parent company Lopez Holdings Corp. also rose by 21% on Wednesday.
Technical staff work on videos and other reports inside the newsroom of the ABS-CBN Corp. Broadcasting Centre in Metro Manila, the Philippines, on May 12.
Photographer: Veejay Villafranca/Bloomberg
Philippine Media Giant Criticized by Duterte Returns to Free TV
ABS-CBN has stopped broadcast since May when the government