Bank of Commerce (BankCom) closed P0.22 higher to P12.22 in its maiden listing, indicating a rosy prospect for initial public offerings (IPOs) this year.
The bank’s trading helped the bourse to close higher.
BankCom, the fourth company to tap the stock market for its funding needs this year, successfully raised P3.36 billion from the exercise.
The bank, a unit of conglomerate San Miguel Corp. sold to the public 280.6 million primary common shares at P12 apiece.
The company said it will use the proceeds to fund lending activities and finance capital expenditure requirements in connection with the upgrading of its ATM fleet and its core banking system.
“Bank of Commerce’s strategic vision is to be at par with the country’s leading domestic banks. We expect the bank to continue to grow in the coming years, achieve economies of scale, improve efficiency, and serve more Filipinos, from retail customers, small-to-medium enterprises, to major corporate clients, as Philippine economic growth gets back on track,” said Ramon Ang, San Miguel president.
The Philippine Stock Exchange index closed 36.45 points higher to 7,203.47, a 0.51 percent hike.
The broader all shares index was up 17.08 points to 3,811.83, a 0.45 percent hike.
Gainers edged losers 110 to 83 with 49 stocks unchanged. Trading turnover reached P7.81 billion.
The peso closed at 51.74 to the dollar, up from 52.01 on Wednesday.
The currency opened at 51.98, and hit a high of 51.74 and a low of 51.995. Trading turnover reached $1.05 billion.
Most emerging Asian currencies, including Singapore dollar and Malaysian ringgit saw subdued movement, moving less than 0.1 percent up or down, while the Indian rupee inched 0.2 percent higher.
Stocks across the region broadly remained firm, with most emerging equities continuing to climb for a second day.
Japhet Tantiangco, analyst at Philstocks Financial Inc., said the market’s climb also benefited from the easing inflation concerns amid the decline in global oil prices.
“Appreciation of the country’s continuously improving COVID-19 situation and its positive effect on our economic outlook also helped in the rise,” he said.
Foreign funds were net buyers worth P221.50 million.
Most actively traded Ayala Land Inc. was down P0.55 to P35.05. Converge ICT Solutions Inc. was up P0.40 to P30.20. International Container Terminal Services Inc. was up P2.80 to P224.80. SM Investments Corp. was up P11 to P909. SM Prime Holdings Inc. was down P0.05 to P37.85. BDO Unibank Inc. was down P0.30 to P132.70. AC Energy Corp. was up P0.20 to P8.73. Universal Robina Corp. was up P2 to P121. Metropolitan Bank and Trust Co. was up P1.35 to P57.
