RCR shares down after block sale, shifting REIT sentiment

RL COMMERCIAL REIT, Inc. (RCR) shares declined last week, with analysts citing pressure from an overnight block sale and shifting sentiment on the sector.

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Philippine Stock Exchange (PSE) data showed that Robinsons Land Corp.'s (RLC) REIT was the fifth most traded stock of the week, with 157.02 million shares worth P1.22 billion changing hands by Friday.

RCR's share price fell by 8.5% to P7.56 from P8.26 in the previous week's close.

The week-on-week drop was steeper than those of the PSE index (PSEi) at 4.8% and the property sector at 3.8%.

Year to date, however, the stock has risen by 29.2% from its P5.85 close on the last trading day of 2024, outperforming the PSEi's 7.7% decline and the property sector's 2.2% dip.

On Tuesday last week, RLC completed a block sale of RCR shares at P7.75 apiece. The offering, which was oversubscribed by over 3.7 times, was increased to one billion shares.