Cebu Pacific gains in trading debut; China Airlines returns to profitability
Cebu Pacific gained in its trading debut in Manila after the carrier completed the nation’s largest IPO in five years. Shares in the carrier opened at PHP132 (USD3.06), a 5.6% premium on its issue price, closing up 6.4% at PHP133. The Philippine stock market has risen more than 40% this year, the second best performer in Southeast Asia after Indonesia, and closed at a record high yesterday.
