THE Philippine Stock Exchange (PSE) said on Monday that capital raised from initial public offerings (IPOs) and follow-on offerings in the stock market reached P67.04 billion in the first quarter of this year, the highest since 2014.
“Our first-quarter numbers are off to a good start. They provide strong basis for our target of six to eight IPOs and around P200 billion worth of capital raised this year,” PSE President and CEO Hans Sicat said in a statement.
“We hope that the additional fund-raising mechanisms we have worked on in the past months will provide further support to our targets,” he added.
Other stock market metrics were also up at the end of the first quarter compared to a year earlier. The benchmark Philippine Stock Exchange index (PSEi) surged 6.9 percent to 7,311.72 while the broader All Shares was higher by 5.9 percent. All sectoral indices also ended in positive territory.
The services sector showed the biggest increase, the PSE said, as it registered a double-digit growth of 19.13 percent. It was followed by the financial sector which rose 10 percent, and holding firms and industrial sectors which advanced 6.5 and 2.8 percent, respectively. The property sector rose 1.9 percent and the mining and oil sector eked out a gain of 1 percent.
The total market capitalization of listed firms increased 5.9 percent in the first quarter to P15.28 trillion.
Daily average value turnover inched up by 0.5 percent to P6.82 billion from P6.78 billion in the first quarter of 2016. However, there was net foreign selling during the period which amounted to P18.34 billion.
“As global investors start going back to emerging markets, we hope to see improvement in our daily value turnover. We believe that the Philippine market continues to offer potential good returns to investors,” Sicat said.