PSE top performing market in Asia

THE Philippine Stock Exchange (PSE) index set 19 all-time highs and grew by 20 percent to finish at the 5,246.41 level in the first half of the year.

Last July 5, the PSEi again beat its previous record high to post finish at 5,369.98.

As of July 6, the PSEi was the top performing market in Asia with a gain of 22.7 percent year-to-date, beating bourses in Singapore, Indonesia, Malaysia, Thailand, Vietnam, Hong Kong, India and China, among others.

“Just like our main index, investor confidence in Philippines, Inc. is at an all-time high. What’s remarkable is that we have been able to achieve unprecedented growth even in the midst of ongoing uncertainties in the Western hemisphere and a cooling Chinese economy. This is a testament to the effectiveness of the reforms that the country has undertaken, which further contributed to the stable macroeconomic environment,” said PSE president aand chief executive officer Hans Sicat.

The PSEi’s finish in the first six months was higher by 955.20 points from its previous close of 4,291.21 in the same period.

The combined market capitalization of listed issues in the PSE during the January to June period stood at P10.05 trillion, up 12.8 percent from the previous P8.91 trillion in the first six months.

Total value turnover for the first half reached P947.73 billion or 43.2 percent higher than the P661.81 billion registered in the same period the previous year. Average daily value turnover stood at P7.64 billion, an increase of 45.5 percent year-on-year.

Preliminary figures also show that foreign investors went into net buying territory in the first half in the amount of P71.12 billion, 382.3 percent higher than the P14.75 billion posted in the same period the previous year.

In terms of sectoral indices, all indices were on the green with the Financials index emerging as the best performer in the first half after surging by 34.6 percent to the 1,304.42 level. (PR)