A Gokongwei-led firm has denied speculation that it fueled the surprise stock market rally of Robinsons Retail, according to a report by InsiderPH.
The denial comes after Robinsons Retail’s shares posted an unexpected increase, prompting market observers to question whether a major shareholder was behind the move. The Gokongwei company clarified it was not involved in any share purchases or trading activities that could have triggered the rally.
Robinsons Retail, part of the Gokongwei Group, operates a chain of supermarkets, department stores, and specialty retail outlets across the Philippines. The company has not issued an official statement regarding the stock movement, but the denial from the affiliate firm has added clarity for investors.