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Philippine Stock Market: Stock Market Ends First Half Higher, With Foreign Investors As Net Buyers


The main gauge of the Philippine stock market, the PSE index (PSEi) ended the first half with a 7.1 percent gain year-to-date, which also made it the third best performing stock index in ASEAN. On June 28, the PSEi closed at 7,999.71. The All Shares index, on the other hand, climbed 8.3 percent in the first six months of the year to 4,893.78.

Four of six sector indices finished higher, with the Services Sector posting the biggest year-to-date gain of 18.6 percent. The Financials and Mining and Oil Sectors closed 3.4 percent and 7.4 percent lower, respectively, at the end of June 2019.

“The stock market benefitted from a mix of positive internal and external factors. On the domestic front, we saw inflation stabilize which prompted an interest rate cut and a reduction in reserve requirement by the Bangko Sentral. The PSE is among the emerging markets that benefitted from foreign fund inflows which are looking for attractive returns as US interest rates remain steady,” said PSE President and CEO Ramon S. Monzon.

Foreign investors were net buyers in the market at the end of the six month period. Net buying was at Php 21.10 billion, a reversal from the Php 65.84 billion net foreign selling at the end of June 2018. Daily average value turnover, on the other hand, rose 9.7 percent to Php 7.84 billion year-to-date. Market capitalization was at Php 14.69 trillion, up by 8.4 percent since the start of the year.

Capital raised during the first half amounted to Php 37.89 billion.

“After the back to back listings in the last week of June, we are looking to more fund raising activities in the coming months,” Mr. Monzon added.

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