The PSE chief continues to maintain a positive outlook for the second half of 2018 in spite of the downhill performance of the Philippine composite.
The Philippine Stock Exchange (PSE) generated a record high capital of P150.01 billion in the first half of 2018, or 40.5% higher than the P106.74 billion raised in the same period last year.
This, despite instability in the Asian markets and the ongoing trade wars between the US and China, resulting in the local bourse entering the bear market.
“Market volatilities did not hamper the expansion plans of our listed companies. This is an indicator that they are set on completing their business initiatives amidst a robust domestic economy,” PSE president and CEO Ramon S. Monzon said.
The capital-raising activities from January to June were dominated by stock rights offerings by PetroEnergy Resources Corporation, Robinsons Land Corporation, Integrated Micro-Electronics, Inc. The Philippine Stock Exchange, Inc. Metropolitan Bank & Trust Company, and Bank of the Philippine Islands, as well as the initial public offering (IPO) of construction firm D.M. Wenceslao and Associates, which debuted in the bourse last June 29.
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Private placements in IRC Philippines, Inc., China Banking Corporation, Basic Energy Corporation, and Golden Bria Holdings, Inc. also launched fund-raising activities in the first half of the year.
Monzon said the exchange is pleased to be a channel for the growing number of listed stock corporations by being its platform.
“We are also delighted to have already reached 75 percent of our target capital raising amount for the year,” Monzon added.
The stock exchange is expecting more fund-raising moves to be completed in August via follow-on and stock rights offerings.
The PSE chief continues to maintain a positive outlook for the second half of 2018 in spite of the downhill performance of the Philippine composite.
“While the stock market has experienced a sharp decline from its all-time high early this year, we expect the country’s sound economic fundamentals to continue to encourage listed companies and potential issuers to raise capital through the equities market and to attract investors to participate in the offerings,” he said.
