PSEi surges 16.8 pct in Q1, says PSE

The PSEi surged 16.8 percent to 5,107.73 in the first three months of the year, the Philippine Stock Exchange said in a statement Monday.

 

The market was “fueled by upbeat prospects of listed companies, optimism over the local economy, and encouraging signs of recovery of the US and European markets,” the PSE noted, saying it was highest quarterly gain for the PSEi since the third quarter of 2010.

 

The PSEi gained 1,052.59 points from the previous close of 4,055.14, said the PSE. 

 

The main index closed at “a fresh all-time high” at 5,145.89 on March 16, after rewriting record highs 13 times in January to March.

 

"The PSEi's journey to uncharted territories in the first quarter underpins

investor confidence on Philippine corporates and the promise of our

country's growing economy,” the PSE said citing its president and CEO Hans B. Sicat.

 

“Even as the execution and attainment of higher goals are ongoing, our investors have given their affirmation that Philippines Inc. is indeed headed towards the right direction," Sicat added.

 

The combined market capitalization of listed issues in the PSE in the first three months of the year totaled P9.81 trillion, up 9.8 percent from P8.93 trillion a year earlier.

 

This is the highest market capitalization the stock market has recorded at the close of trading, according to the PSE.

 

Several market indicators are on pace to break the previous year's record numbers, it said.

 

Total value turnover for the first quarter reached P502.08 billion, up 

54.5 percent from P325.02 billion. 

 

Average daily value turnover stood at P7.85 billion, an increase of 54.5 percent. 

 

The PSE extended its trading hours to 1 p.m. in October 2011 as part of efforts to increase liquidity. On Jan. 2, 2012, trading hours were further extended up to 3:30 p.m.

 

Preliminary figures show that foreign investors were the net buyer in the first quarter with P19.35 billion in placements or nearly four times more than P4.94 billion in net selling recorded a year earlier.

 

In terms of sectoral indices, the Financials index emerged as the best performer in the first quarter when it surged by 30.4 percent. This was followed by the Property Index, which was up 27.0 percent.

 

The Holding Firms Index was up 21.1percent, the Mining & Oil Index gained 10.5 percent, the Industrial Index expanded by 10.5 percent, and the Services Index grew by 8.4 percent. —VS, GMA News