Foreign brokers dominated local stock market trading in 2011

MANILA, Philippines—Foreign stock brokerage houses led by Maybank ATR Kim Eng Securities topped trading on the Philippine Stock Exchange in 2011, reflecting buoyant foreign investor appetite for local equities against a backdrop of extremely volatile global financial markets.

Maybank ATR Kim Eng’s market share last year was the largest on the local bourse at 9.32 percent, followed by Deutsche Regis Partners’ 8.65 percent, CLSA Philippines’ 7.36 percent,  UBS Securities Philippines’ 6.47 percent and Macquarie Capital Securities (Philippines)’s 5.76 percent.

The top five foreign brokers last year, a period when PSE turned out as the best performing market in the region despite a modest index gain of 4 percent, had a combined market share of 37.56 percent. The rest of the brokers had a market share of less than 5 percent each, based on the latest ranking by the PSE.

The brokers that ranked 6th to 10th largest were: Philippine Equity Partners (4.7 percent), BDO Securities (4.49 percent), Citiseconline.com Inc. (4.3 percent), JP Morgan Securities Philippines (3.62 percent) and Papa Securities Corp. (3.37 percent).

Rounding up the rest in the list of top 20 brokers are the following: DBP Daiwa Capital Markets Philippines Inc., Abacus Securities Corp., SB Equities Inc., Asiasec Equities Inc., Credit Suisse Securities (Philippines) Inc., Wealth Securities Inc., BA Securities Inc., First Metro Securities Brokerage Corp., RCBC Securities Inc. and BPI Securities Corp.

The PSE’s total market value turnover for 2011 reached P2.85 trillion, up 18 percent from a year ago, while the main index rose by 4 percent to 4,371.96 at yearend, outperforming other markets in the region.

“The market saw an increase in trading volume this year compared to 2010, and reached record highs in terms of equity raised,” said Maybank ATR KE Securities chair and president Lorenzo Roxas. “Our extensive local and international distribution networks, as well as our experienced sales and research groups keep us in the position to capitalize on these opportunities each year.”

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