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

Economy

Thailand’s Phuket will ban travel from the rest of the country from Aug. 3 to 16 to try to stop a surge in coronavirus...

Investing

More than 5 million people had a parcel lost or stolen last year, according to Citizens Advice, which has called on the government to...

Investing

The number of people on furlough fell below two million towards the end of June as the economic recovery gathered pace, official figures show....

Investing

Amazon signalled last night that its breakneck growth will slow over the coming months as people emerge from pandemic restrictions. Net sales at the...

Investing

Speculation that the chancellor will delay his budget until next year is mounting after he instructed the spending watchdog to publish new forecasts without...

Investing

A further 30 black students starting at Cambridge University will have their tuition and living costs covered thanks to a scholarship scheme started by...

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...

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...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

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.

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!