Philippine Banks to Lead Stock Index to Record, Philequity Says
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The biggest Philippine banks may seek acquisitions to expand, providing a catalyst for the benchmark stock index to “test” new highs, said Philequity Management Inc., manager of the nation’s second-best-performing fund.
The Philippine Stock Exchange Index may rise to 3,873.50 in the next 12 months, a 10 percent gain from the close on Aug. 6, said Jerome Gonzalez, a portfolio manager at Philequity who runs a 2.1 billion pesos ($48 million) stocks fund that has climbed 19 percent in the past five years. The fund makes up the bulk of the 2.5 billion pesos of assets managed by Philequity.