PHL shares open higher on DoubleDragon IPO

Philippine shares opened on a positive note Monday, driven by select corporate news – mainly the debut of DoubleDragon Properties Inc. on the Philippine Stock Exchange.

DoubleDragon is having a ripple effect on other stocks, Ed Francisco, BDO Capital and Investments Corp. president, said, noting its initial public offering is having an impact on the market.

The main PSEi was up 29.18 points or 0.44 percent to 6,590.38 as of 10:26 a.m. The broader All Shares gained 9.30 points or     0.24 percent to 3,958.24.

"Stocks will be affected by foreign developments but so far there's no news. Since there is no news, corporate news will dictate the market," Francisco said.

DoubleDragon kicked up 20 percent to P2.40 per share during the first few minutes of trading. – VS, GMA News