The Market Monitor Minding the Nation's Business
By Riza Lozada
The Philippine Stock Exchange Inc. (PSE) was named for the fourth time in the past five years as Best Stock Exchange in Southeast Asia by institutional investment magazine Alpha Southeast Asia.
The award will be conferred during the Marquee Awards of the Alpha Southeast Asia Deal Awards to be held on February 13 in Kuala Lumpur, Malaysia.
“The Philippine Stock Exchange stands apart given its continuing investments in its internal systems to facilitate the upside potential the country now represents after years in the shadows of its neighbors,” the award-giving body noted.
“Our accomplishments in 2017 would not have been possible without the hard work of the PSE team and the support of our regulators and various stakeholders. We will continue to do our best to fulfill our vision of becoming a world-class exchange,” PSE President and CEO Ramon Monzon said.
The Marquee Awards cited the technology developments, product launches, investment literacy initiatives of the PSE. It also noted the upbeat prospects for PSE this year.
“The upside for PSE remains high as it has the strongest potential for growth in 2018 given the solid economic fundamentals of the country as the global economic outlook improves and investors return to what is increasingly known as the safest haven in Asia with improving investments prospects for foreign and institutional investors,” the award-giving body noted.
The PSE index (PSEi) closed at record highs daily on the first three trading days of 2018. On Friday, it ended at 8,770.00, higher by 30.17 points or 0.3 percent. On the same day, the index broke past the 8,800 level and rose to a new all-time intraday high of 8,858.07. The PSEi has gained 2.5 percent since January 3.
Total capital raised in the market last year amounted to P163.35 billion. Four new companies were listed in the market during 2017: Wilcon Depot, Inc., Eagle Cement Corporation, Cebu Landmasters, Inc. and Chelsea Logistics Holding Corp.
There were three follow-on offerings of Dollar Denominated Securities, two by Del Monte Pacific Limited and one by Cirtek Holdings Philippines Corp.
“We anticipate an exciting 2018 for the local market given the plans we have set for the Exchange. We look forward to the launch of new products and services that should make our market more robust and attractive to both foreign and local investors. Finally, we hope to get the regulatory approval this month for the integration of the fixed income and equities market,” Monzon added.