Bloomberry Resorts shares see significant trading activity on PH Stock Exchange

Ahead of the opening of Solaire Resort North in Quezon City, Bloomberry Resorts Corp.’s shares saw robust trading activity on the Philippine Stock Exchange last week. This was due to both increased foreign buying and positive sentiment.

BusinessWorld, a local source of business media, estimates that between January 22 and 26, Bloomberry shares exchanged for Php654.6 million (US$11.6 million), resulting in an 8.7% increase in the stock price to Php10.98. Shares of Bloomberry are up 11.6% so far this year.

In four of the five trading sessions, net foreign purchases of Php269.32 million (US$4.8 million) indicated a strong level of interest in Bloomberry shares from overseas investors.

Despite the lack of significant news about Bloomberry, Rastine Mackie D. Mercado, research director at China Bank Securities Corp., said that the stock’s stellar performance might be attributed to significant global interest, especially in light of the impending opening of Solaire Resort North.

Mercantile Securities Corp. analyst Jeff Radley C. See said that investors anticipate Solaire Resort North’s completion in March 2024, which they believe would boost Bloomberry’s revenue growth. By the end of 2023, he projected that Bloomberry’s revenue may approach Php50 billion.

The early 2Q23 inauguration of Solaire Resort North has been delayed because to the COVID-19 pandemic. Enrique K. Razon Jr., the chairman and CEO of Bloomberry, described it as an upscale mass-market product intended to take advantage of the post-pandemic premium mass demand in the local and national markets.

Following the 2013 opening of Solaire Resort Entertainment City, Bloomberry plans to build a second integrated resort in the Philippines.

Original story by: IAG