TODAY'S BUSINESS HEADLINES

P70-B RTB sale surpasses goal 28-Mar-17, 11:55 PM | Joann Santiago, PNA

Shakey's Pizza delivers 40% net income growth in 2016 27-Mar-17, 4:06 PM | InterAksyon.com

WATCH | Aussie maker of solar jeep makes an offer to PH transport groups 28-Mar-17, 1:11 AM | Michelle Orosa-Ople, News5

Maynilad, NWRB honor 14 water champions on World Water Day 26-Mar-17, 6:11 PM | InterAksyon.com

Stock market capitalization expands by P973B - PSE

Ceremonies marking the last day of trade at PSE Ayala. In the picture are (left to right) PSE director Alejandro T. Yu; PSE head of Corporate Planning and Investor Relations John Benette B. Mamangun; Securities Clearing Corporation of the Philippines COO Renee D. Rubio; IGC Securities Inc. nominee Ismael G. Cruz; PSE chairman Jose Pardo; PSE president and CEO Hans Sicat; PSE COO Roel A. Refran; PSE VP and head of Market Operations Division Rachelle C. Blanch; and PSE acting head of Human Resources and Administration Division Catherine Soliman-Radaza.

InterAksyon.com means BUSINESS

The size of the Philippine stock market expanded by P973 billion in 2016 with total market capitalization totaling P14.44 trillion on the last trading day of 2016 compared to P13.47 trillion in 2015.

A statement from the Philippine Stock Exchange said the stock offerings “helped support this growth and offset the decline in prices in the market as the PSEi closed at 6,840.64 points, 1.6 percent lower than its close of 6,952.08 in 2015.”

At ceremonies marking the close of trade for the year, PSA chairman Jose T. Pardo said: “As we close the year, let us remain optimistic about the year ahead of us.”

“I know that 2016 has been very challenging for many markets given the major events that transpired both locally and internationally,” he said. “But as with many things in life, we draw from this experience and find ways on how to make good and do good out of any situation, including the more difficult ones.”

The PSE said total capital raised this year amounted to P170.12 billion, slightly lower than the P184.60 billion raised for the whole of 2015.

“The market experienced a lot of volatilities in 2016 arising from unexpected developments in the global political landscape as well as the interest rate hikes in the US.  Despite this, we churned a relatively healthy capital raising number, considering most of these activities happened during the second half of the year. This is a testament to the strength of the local economy,” PSE president and CEO Hans B. Sicat said.

The PSE said it is preparing to launch the Dollar Denominated Securities and the listing of Public-Private Partnership companies in 2017 following the approval of the rules for both products in late 2016.

“We are pleased to add two new products to the list of capital raising instruments available at the PSE. These products should help facilitate additional listing activity and investor participation in the market,” Sicat said.

In terms of other market indices, the All Shares Index finished the year with a gain of 4.1 percent to 4,156.07 while the Mining and Oil index was the best performing sectoral index as it gained 13.7 percent in 2016.

“We believe there will be a healthy pipeline of Initial Public Offerings and other fund raising activities in 2017. We will continue to work with our regulators so we can continue to introduce new products for our market in 2017 as we have successfully done so this year,” Sicat said.

Daily average value turnover for the year came in at P7.81 billion, down from last year’s P8.96 billion.

 

 

advertisement
OTHER BUSINESS STORIES
BREAKING NEWS