Business | Markets
Philippines bourse rallies following Credit Suisse trading bid
Philippine Stock Exchange Inc climbs to a 31-month high on speculation of Credit Suisse's entry
- Bloomberg
- Published: 00:00 September 28, 2010
Manila: Credit Suisse Group AG has sought Philippine regulatory approval to acquire the securities trading rights of TGY Plus Inc, the stock exchange said.
Credit Suisse's Hong Kong unit filed the application with the exchange, the bourse said in a statement on its website dated September 22. Adam Harper, spokesman at Credit Suisse in Hong Kong, declined to comment.
Philippine Stock Exchange Inc, the company that owns the exchange, climbed to a 31-month high on speculation of Credit Suisse's entry.
"The addition of Credit Suisse may draw more overseas funds into the stock market and that would boost earnings of the exchange," said Astro del Castillo, managing director at Manila-based investment advisory firm First Grade Holdings Inc. "The entry of Credit Suisse is a vote of confidence."
Philippine Stock Exchange rose 2.1 per cent to 430 pesos (Dh36) as of the noon close, the highest since February 2008. The benchmark Philippine Stock Exchange Index climbed 1.1 per cent to a record 4,122.83.
The gauge has climbed 35 per cent this year, the second-best performer among Asia Pacific's 15 biggest markets, as the fastest economic growth in three years and better-than-exceeded earnings boosted stock trading.
Philippine Stock Exchange President Val Suarez did not respond to text messages on his mobile phone seeking comment. Suarez was named exchange president in July and has vowed to boost listings and trading in one of Asia's smallest equities markets.
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