The Philippine Stock Exchange index (PSEi) dropped 1.8 percent to 6,450.04 at the end of 2023 from its closing figure on the last trading day of 2022.
The bourse said its daily average value turnover was at P6.09 billion in 2023, down by 16.5 percent from 2022’s P7.30 billion average.
The market registered P53.67 billion worth of net foreign selling in 2023 versus the P68.05 billion net foreign selling in 2022.
Total capital raised from primary and secondary shares in 2023 amounted to P140.95 billion, 27.8 percent higher than the P110.29 billion raised in the previous year.
The PSE had three initial public offerings in 2023, while other capital raising activities conducted this year included five follow-on offerings, five stock rights offerings, and 11 private placements.
The local bourse’s market capitalization registered a 1.10 percent increase to P16.74 trillion in 2023 from P16.56 trillion from the previous year.
“Despite the challenging conditions encountered by the stock market this year, we believe that positive macroeconomic indicators for the country in 2024, such as higher GDP growth, lower inflation, and possible reduction in interest rates, will result in better corporate earnings which in turn will propel our market to higher levels,” said PSE President and CEO Ramon S. Monzon.
He added that, “the Exchange will continue to introduce new products and push for new laws and regulatory reforms that will promote and encourage wider stock market participation and entice foreign investors back to our market.”
“We will likewise continue to pursue our various initiatives to help and attract companies to list their shares in the Exchange,” Monzon said.