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Cebu Air Gains 50% After Recovering From ‘Fat Finger’ Trading Error

  • Cebu Air soars by 50%, maximum daily gain allowed by exchange
  • Trader error happened during no-cancel period at Tuesday close
Updated on

Shares of the Philippines’ largest budget carrier gained by a record 50% at the open Wednesday to partially recover losses triggered by a local broker’s trading error the day before.

Cebu Air Inc. climbed to 87 pesos, rebounding from a record slump on Tuesday. The company’s shares plummeted 38% to 58 pesos in the last few minutes of trading yesterday, triggered by a misplaced order during the Philippine Stock Exchange’s no-cancel period. The stock had closed at 93.4 pesos on Monday.