Bloomberry shares up 14% week-on-week
LISTED Bloomberry Resorts Corp. was among the most active stocks in the previous shortened trading week. Despite ending 0.71- percent or 5- centavos lower to P7 apiece on Friday, the Razon- led integrated casino operator still saw its shares jump by 14.4- percent week- on- week
AAA Equities Head of Research Chris Mangun told The Manila Times Bloomberry climbed higher on the back of increased trading volumes after trading sideways for several weeks.
“After breaking above its resistance of P6.45, it continued higher to end the week as one of the best performers,” Mangun said in a text message.
He said among the factors that affected the movement of its shares is the firm’s continued plan to push through with its second integrated casino in Quezon City.
During its virtual stockholders’ meeting in June, Bloomberry Chairman and Chief Executive Officer Enrique Razon Jr. said that they eye Solaire North to be completed by the end of 2022 or early 2023.
The construction of the establishment was delayed by the quarantine measures imposed by the government mid- March to curb the spread of the coronavirus disease 2019 pandemic in the country.
Meanwhile, Mangun noted shares of Bloomberry were unaffected by the economic data releases last week, which included the country’s July unemployment rate and August inflation rate.
Mangun sees the shares of Bloombery to climb higher this week to test its next resistance at P7.30.
He added that easing of restrictions on gaming facilities would boost investors’ sentiment towards the stock as its revenues would pick up and would help them recover from their recorded losses in the first half of the year.
In a regulatory filing to the exchange, Bloomberry said it incurred a net loss of P3.3 billion in January to June as its second quarter results were impacted by the temporary suspension of gaming operations.
Its consolidated revenues in the first semester declined by 54 percent to P10.4 billion from P22.4 billion year- on- year.
Parts of the firm’s hotel, food and beverage, and retail businesses operated with limited capacity during the period, which also dragged down its non- gaming revenues.