The shares of Lucio Tan-led MacroAsia Corp. slumped last week as outlook for the air transportation sector in the country remains to be bleak amid the coronavirus disease 2019 (Covid-19) global pandemic. The listed aviation support firm’s shares closed last week by P0.20 or down by 3.81 percent to P5.05 apiece. This can be attributed to the still bleak outlook for the air transportation sector, which most of the company’s subsidiaries and associates are closely connected to,” Philstocks Financial Inc. research associate Japhet Tantiangco told The Manila Times. The slowdown is expected to spill over to MacroAsia given its nature of being an aviation support provider. Tantiangco noted that sentiment towards the conglomerate’s shares would be improved once the air transportation sector also sees recovery.

Source: Manila Times July 19, 2020 17:15 UTC