The listing of veteran stockbroker Edward K. Lee’s CTS Global Equity Group Inc. could drive market activity amid expectations of a “quieter” week as investors prepare for the Holy Week holidays.
“Unless there would be any unexpected shocks on the data front and geopolitically, expect it to get quieter next week with it being shortened,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
The benchmark Philippine Stock Exchange (PSE) Index closed on Friday at 7,018.02, down over 1.8 percent during the week.
Earlier, Philippine Statistics Authority said March headline inflation jumped to 4 percent, touching the top end of the government’s 2 to 4 percent target range. Food, utilities and transport costs went up amid the surge in oil prices.
Meanwhile, CTS Global is set to make its PSE trading debut on April 13 under the symbol “CTS.”
The company is raising P1.37 billion to invest in stock markets in the United States and Asia. CTS earns revenue from trading gains via its pool of 40 traders.
It involved the sale of 1.37 billion shares at at P1 apiece. SB Capital was hired as the sole underwriter, issue manager and book runner for the initial public offering. INQ