The Philippine Stock Exchange Inc. index (PSEi) ended the trading year at 6,528.79 points, up by 78.75 points or 1.2 percent from its close of 6,450.04 in 2023. This marked the first time that the PSEi closed higher year-on-year since 2019.
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 P 6.10 billion, 0.1 percent higher than the P6.09 billion registered year-on-year.
Domestic market capitalization at yearend rose by 11.2 percent to Php 14.57 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 prompted IPO listing applicants to defer their public offering,” said PSE President and CEO Ramon S. Monzon.
“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,” he added.
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. 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.