SHARE prices zoomed to another record high during the first trading day of the year.
The benchmark Philippine Stock Exchange index (PSEi)gained 165.71 points to close at 8,724.13 points, while all other subindices ended higher. Total value of shares traded reached P7.28 billion. Gainers slightly edged losers 118 to 102 and 38 shares were unchanged.
“Philippine markets resumed their bullish climb on opening day with another record high once again. Investors are continuing to make their bets on issues they believe will outperform for the rest of the year,” said Marita Limlingan, president of Regina Capital and Development Corp.
“We anticipate an exciting 2018 for the local market given the plans we have set for the Exchange. We look forward to the launch of new products and services that should make our market more robust and attractive to both foreign and local investors,” PSE President and CEO Ramon S. Monzon said.
The PSEi already closed at its highest at the end of 2017 to 8,558.42 last December 29, the last trading day of 2017, reflecting an annual growth of 25.1 percent year-on-year.
Average daily value turnover for 2017 rose by 3.2 percent to P8.06 billion, from P7.81 billion in 2016, while market capitalization in 2017 reached an all-time high of P17.58 trillion.
Net-foreign buying for the year was P56.21 billion, compared with P2.8 billion in 2016.
“The stock market recorded a stellar growth in 2017 making our market one of the top performers in the region. With the passage of the first phase of the government’s tax-reform package and the government’s projected infrastructure spending providing positive support for the market, its prospects for the year remain upbeat and bright,” Monzon said.
Total capital raised in the market last year amounted to P163.35 billion.
Four new companies were listed in the market during 2017. These were Wilcon Depot Inc., Eagle Cement Corp., Cebu Landmasters Inc. and Chelsea Logistics Holding Corp.
There were three follow-on offerings of Dollar Denominated Securities, two by Del Monte Pacific Ltd. and one by Cirtek Holdings Philippines Corp.
Image credits: Alysa Salen