Copied from Tap group…
HOW THE IRRESPONSIBLE JOURNALISM OF PROPERTY INVESTMENT AND DEVELOPMENT BUSINESS CALLED Rappler LED TO CONFUSION, FEAR, AND EVENTUALLY CAUSED EMOTIONAL SELLING SPREE OF STOCKS OF A COMPANY AT EXTREME LOSSES
Dear Ma’am Sass,
Mainit na mainit ang ulo ng mga stocks traders vs Rappler.
Earlier today, DENR Sec. Gina Lopez made a fresh announcement about the closure and suspension of certain mining operators. Many of us members of the Traders Apprentice Pilipinas (TAP) Group on Facebook are on the edge of our seats while the list is being made known, especially that we, including myself, are holding mining stocks, particularly $FNI (Global Ferronickel Holdings, Inc).
Of course, Rappler was there to enjoy lunch.
Most certainly, I no longer read my news from an irreputable source like Rappler. Practical reason tells me that I shouldn’t base my stocks trading decisions from persons who label themselves as “journalists”.
Late last year, FNI and its subsidiaries were also cleared in the list of suspensions and closures announced by DENR. One of the subsidiaries is Platinum Group Metals Corporation (PGMC).
Today’s announcement was done during lunch time when the trading session was on recess. At that point, Rappler posted a news report saying that PGMC is one of the companies to be closed by DENR.
Before trading resumed at 1:30PM, stock holders who fed on Rappler’s news report have one thing to do: sell immediately even if entails losses.
Obviously, many of us who have been watching the live stream (one even provided by Rappler but I watched it elsewhere), were so elated because the mines concerned are not on the list.
Unfortunately, Rappler’s erroneous news article caused confusion, fear and eventually caused emotional selling spree of FNI stocks at extreme losses.
Today’s FNI opened at P2.92 (highest: 2.94; plunged at 2.19 when erratic news report broke out before it went back to close at 2.74)
While I sat tight holding my stocks, I was elated by FNI’s quick clarification that the company and its subsidiaries are not affected by any closure/suspension of operations.
I feel sad for those who were affected by this irresponsible journalism. And yes, ang lutong ng pagmumura nila kay Rappler sa group namin. Pera na, naging bato pa.