BIZ BUZZ: Is ICTSI carrying the market?

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MANILA, Philippines — If the local stock market has a favorite child these days, it’s hard to argue against International Container Terminal Services Inc. (ICTSI).

The ports giant recently became the first Philippine-listed company to breach the P2-trillion market capitalization mark, reinforcing its outsized influence on the benchmark Philippine Stock Exchange Index (PSEi).

But has the market become too reliant on a single heavyweight?

COL Financial chief equity strategist April Lynn Tan isn’t ready to call it a bubble.