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Manila Bulletin devider Business devider The Stock Market devider PSE ends year higher for first time since 2019

PSE ends year higher for first time since 2019

Published Dec 29, 2024 10:08 pm

The Philippine Stock Exchange, Inc. index (PSEi) closed higher year-on-year for the first time since 2019, up by 78.75 points or 1.2 percent to 2024 at 6,528.79 points from its close of 6,450.04 in 2023.

In a statement, the PSE said that, year-on-year, the PSE MidCap and PSE DivY indices increased by 29.1 percent and 22.4 percent, respectively.

Daily average value turnover reached P6.10 billion, 0.1 percent higher than the P6.09 billion registered year-on-year. Domestic market capitalization at year-end rose by 11.2 percent to P14.57 trillion compared with P13.10 trillion in 2023.

The market registered P23.18 billion worth of net foreign selling versus the P53.65 billion net foreign selling in the previous year.

“Internal and external economic and geopolitical headwinds weighed on the market for most of the year, which in turn prompted IPO listing applicants to defer their public offering,” said PSE President and CEO Mr. Ramon S. Monzon.

He noted that, “One of the investment considerations at this time is the direction of economic policies of the new US administration.

“An outcome favorable to the Philippines may help spur foreign buying and create the market condition listing applicants are waiting for.”

The total capital raised from primary and secondary shares amounted to P82.37 billion compared to P140.95 billion raised in the previous year.

Three companies conducted their maiden listing namely, OceanaGold (Philippines), Inc., Citicore Renewable Energy Corporation, and NexGen Energy Corp.

In terms of sectoral indices, the Services index emerged as the best performer in 2024 as it climbed by 29.7 percent. This was followed by the Financials sector.

“PSE remains committed to initiatives that enhance stock market liquidity, including the launch of Global Philippine Depositary Receipts and the acquisition of Philippine Dealing System Holdings Corp. (PDSHC).

“This acquisition aims to create operational synergies by establishing a unified marketplace for fixed income and equity products, and a single platform for capital raising, among others.

“We will also remain active in our IPO campaign to get more companies listed in the stock market,” Monzon added.

Related Tags

Philippine Stock Exchange Ramon S. Monzon Philippine Stock Exchange index (PSEi)
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