Connect with us

Hi, what are you looking for?

Economy

PSE raises ‘robust’ P122.5-billion in first half

THE Philippine Stock Exchange, Inc. (PSE) on Thursday reported that around P122.46 billion were raised from the sale of primary and secondary shares in the first half of 2021.

This already exceeds the total amount raised at the local bourse in 2020 at P103.76 billion. The PSE earlier said that it is hoping to raise at least P200 billion at the local bourse this year.

“Capital raising activities at PSE continue to be robust and we remain optimistic that we will be able to hit our targets by yearend,” Ramon S. Monzon, president and chief executive officer of the PSE, said in a statement on Thursday.

There were two initial public offerings (IPO) during the period, two follow-on offerings, two stock rights offerings, and three private placements.

Meanwhile, there was also a boost in trading activity. Daily average turnover amounted to P8.96 billion for the first half of the year, posting a 21.9% growth year to date and 35.9% up year on year.

On the other hand, foreign funds logged a net selling worth P77.8 billion for the six-month period.

The benchmark PSE index (PSEi) closed at 6,901.91 on the last trading day of June, lower by 3.3% year to date. Meanwhile, the broader all shares index declined by 0.7%. Majority of sectoral indices posted gains, except for holding firms and property.

“On May 14, the PSEi slid to its lowest intraday level for the year at 6,080.94 but we have seen the main index recover since, testing the 7,000-mark intraday on June 16,” Mr. Monzon said.

“For the month of June, the benchmark index gained 4.1 percent month-on-month owing to increased investor confidence as more Filipinos get vaccinated,” he added.

Latest data from the government’s pandemic task force show that the country has so far administered 10,065,414 doses of coronavirus disease 2019 (COVID-19) vaccines — 7,538,128 have received their first doses, while 2,527,286 have been fully vaccinated.

“If government can meet its target of vaccinating up to 70 million people by the end of the year or even get close to said target, the stock market could return to pre-pandemic levels in the near term,” said Mr. Monzon.

In the next month, the PSE will be conducting IPO marketing events for small and medium enterprises to encourage them to take advantage of relaxed listing rules and the stock market’s pandemic relief rule. It will also continue hosting its market education webinars twice a month for retail investors.

“PSE still has a lot of activities lined up in the next six months, including the launch of new thematic indices, data analytics platform, and revamped market education website,” Mr. Monzon said. — Keren Concepcion G. Valmonte

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

The UK government will invest £100m in Britishvolt as the car battery manufacturing startup seeks to build Britain’s first large-scale “gigafactory” in the north-east...

Investing

Bankers and accountants are among those being summoned back to their offices after the government scrapped its work-from-home guidance in England with immediate effect....

Investing

The kitchens of Michelin-starred restaurants too often descend into alternative “moral universes” where bullies and bad behaviour thrive, a study has suggested. While Gordon...

Investing

A company controlled by the Duke of York and used to manage his investments is more than £200,000 in debt, according to newly filed...

Investing

Rogue waste collectors who fly-tip household rubbish will be targeted under a government crackdown. Fly-tipping increased sharply last year to 1.1 million cases in...

Investing

Peloton Interactive lost more than 25 per cent of its value on Wall Street at one point last night after the exercise bike maker...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.