HALISTER1: Rizal Commercial Banking Heads for Biggest Drop in 3 Months

Rizal Commercial Banking Heads for Biggest Drop in 3 Months

(Bloomberg) -- Shrs -4% at noon break in Manila, poised for biggest decline since Nov. 27; vol. ~77% of 3-mo. daily avg.
  • “It could be reduced investor confidence in the stock because RCBC is being investigated by the central bank for alleged money laundering,” says Nisha Alicer, chief equity strategist at DA Market Securities
  • “There are no fundamental issues, so most likely it’s because of the headlines and that’s the only news going around,” Maybank analyst Katherine Tan says by phone
  • NOTE: Philippine businessman William Go denied involvement in alleged laundering scam; RCBC bank account in his name frozen NSN O3UUZY6KLVRL
  • NOTE: $1b plot to rob Client Fed accounts leads to Manila casinos NSN O3TACP6K50Y1
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
RCB PM (Rizal Commercial Banking Corp)

People
Nisha Alicer (Da Market Securities)

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