Brokerage house suspends operations

Local brokerage King’s Power Securities Inc. has taken a year-round business holiday as the prolonged coronavirus pandemic gnawed at its operations. The Philippine Stock Exchange (PSE) approved the voluntary suspension of King’s Power’s business operations from January 1 to December 31 of this year. King’s Power, which is owned by businessman Carlos Ching, cited financial incapacity caused by declining business transactions and the ongoing pandemic in its request for a voluntary suspension, PSE president Ramón Monzón said in a memorandum. The PSE approved King’s Power Securities’ request for voluntary suspension following its compliance with the relevant rules and regulations of the local exchange and Capital Markets Integrity Corp.

King’s Power client accounts have been transferred to the following successor brokers: COL Financial Group Inc., Solar Securities Inc. and Quality Investments & Securities Corp. King’s Power began operating in 2000, just as the country was emerging from Asia . The PSE index closed 2020 at 7,139.71, 8.64 percent less than the previous year, when the contagion of COVID-19 had not yet affected the world economy. However, it recovered by 2,516.29 points or a hefty 54.4 percent from a year’s low of 4,623.42 on March 19 during the first days of quarantine protocols imposed by the Philippine government to stem the crisis from public health COVID-19. With positive developments in the development of the COVID-19 vaccine and the gradual reopening of the national economy since June, the local stock market barometer managed to rebound from the lows of the year and cut losses for the year. However, foreign funds were net sellers to the tune of P128.65 billion last year, compared to P14.26 billion in foreign outflows observed in 2019. INQ

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