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Friday, March 29, 2024

How Pacquiao boosts the stock market

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UTrade, the online stock trading platform of Unicapital Securities, presented some data showing that in general, the Philippine Stock Exchange performed positively, a day after a boxing bout of People’s Champion Manny Pacquiao.

“Since 2007, Pacquiao has fought a total of 16 times. Of the total number of fights, the market has performed an average increase of over 17 points or 0.38 percent, with the probability of the PSEi going up 65 percent of the time. Even accounting for wins from the losses, the probability of the market going up is similar,” UTrade said.

In Pacquiao’s last bout, dubbed ‘fight of the century’ with Floyd Mayweather Jr., the index rose 101 points or 1.32 percent, despite the Filipino boxer’s loss via unanimous decision.

Despite losing what was probably the biggest fight in his boxing career, Pacquiao is being invited by PSE president Hans Sicat to ring the bell at the local bourse.

“Whatever the result will be, we will invite him to ring the bell,” Sicat told reporters a day before the mega-fight on May 1.

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Sicat said the exchange had always wanted to invite Pacquiao to ring the bell, but because of his busy schedule, the exchange had a hard time inviting him.

To convince Pacquio to ring the bell, the PSE may invite Pacquiao to “punch the bell” instead.

Sicat said to make sure the PSE bell stayed in place, he would assign PSE chief operating officer Roel Refran, who is also a body builder and a bronze medalist in the 2002 and 2004 Mr. Philippines national bodybuilding competitions, to hold the bell at the opposite end.

 

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