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Philippines' PLDT, Globe shares drop on Duterte closure, takeover threats

Published 07/28/2020, 09:48 AM
Updated 07/28/2020, 09:50 AM

MANILA, July 28 (Reuters) - Shares in the Philippines
biggest telecommunication companies PLDT Inc TEL.PS and Globe
Telecom Inc GLO.PS fell on Tuesday after President Rodrigo
Duterte threatened closure or government takeover because of
what he described as "lousy service".
Shares in PLDT, part-owned by Japan's NTT DoCoMo Inc
9437.T and Hong Kong's First Pacific Co Ltd 0142.HK , fell
2.42%, while Globe, backed by Singapore's Singtel Group
STEL.SI , dropped 0.5% at the opening bell.
PLDT slipped as low as 3.6% and Globe sank as much as 2.99%
in the first 10 minutes of trades, compared with a 0.9% drop of
the broader stock index .PSI .
The Philippine leader lashed out at the telecoms firms
during his annual state of the nation address on Monday, giving
them until December to improve service.

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