Firm with no revenue is most-traded stock in the Philippines

The penny stock’s surge showcases the extremes to which the retail mania has reached in the Philippines, home to one of the world’s worst-performing equity markets this year.

MANILA: Abra Mining & Industrial Corp has no revenue and zero analyst coverage. Yet, the loss-making mining company’s stock has more than doubled in 2021 and is also the most-traded name in the Philippines.

The penny stock’s surge showcases the extremes to which the retail mania has reached in the Philippines, home to one of the world’s worst-performing equity markets this year.