Shakey's opens up 6.5% in market debut

Shakey's Asia Pizza Ventures Inc. (PIZZA) on Thursday opened at P12 per share, up 6.57 percent from initial public offering price of P11.26 apiece as it debuted on the Philippine Stock Exchange.

As of 11.44 a.m., PIZZA was trading up nearly 8 percent at P12.16 per share despite market volatility after the US Federal Reserve raised interest rates and signaled more rate increases in 2017.

"PIZZA is pretty much considered to be one of the most anticipated IPO before the year ends. With the stock expected to opening at P12.00 and being 5 times oversubscribed, we think the market will mostly revolve and be busy for this stock's price movement," Luis Limlingan, business development head at Regina Capital Development Corp., told GMA News Online.

"We would like to point out that in case of bear markets, it is usually the consumer stocks, especially those food related, that are more prone to range trades on account of being safe as constant demand for consumer products mean security against sudden volatility," Limlingan noted. — VS, GMA News