GMA7 stock price jumps on first trading day

James Ryan Jonas

The Philippine stock market plunged by 1.5% today but shares of media network GMA (stock code: GMA7) jumped on its IPO debut.

Triggered by the big drops in the last two trading sessions in Wall Street, the main Philippine index ended 51.30 points lower at 3,467.46, but broadcaster GMA Network, Inc. rose 23.53% to close at 10.50 on its first trading day.

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James Ryan Jonas teaches business management, investments, and entrepreneurship at the University of the Philippines (UP). He is also the Executive Director of UP Provident Fund Inc., managing and investing P3.2 Billion ($56.4 Million) worth of retirement funds on behalf of thousands of UP employees.