Trading on the Philippine stock market in the first quarter of 2015 grew in volume and aggressiveness, mostly by foreign investors who were taking advantage of strong corporate earnings results and optimism over the local economy.
Turnover value reached P641.59 billion in the first three months of the year, a 40-percent leap from the P457.08 billion posted in the corresponding period a year ago, The Philippine Stock Exchange (PSE) said in a statement
The average daily turnover surged by 47.5 percent year-on-year to P10.87 billion.
“We are pleased with the market participation we saw in the first quarter. Investors are really keen on being part of the Philippine growth story,” PSE President and Chief Executive Officer Hans B. Sicat was quoted as saying.
“We hope that upbeat corporate earnings and optimism over the local economy will continue to attract investors to our market,” he said.
Other indicators also advanced, with market capitalization by listed firms expanding 17.6 percent to P14.98 trillion from P12.74 trillion, while net foreign buying soared 182 percent to P48.87 billion from P17.33 billion.
The main PSE index (PSEi) registered a total of 23 closing peaks in the first three months of the year, and reaching a high of 8,007.98 for its intraday record on March 30.
From January to March, the PSEi has gained 9.8 percent, against a comparative 17.8-percent surge in the same months of 2013. The wider All Shares index increased 6.9 percent in the year-to-date.
Out of the six subindices, four showed growth while two declined. The property and holding firms sectors grew by double-digit rates of 13.6 percent and 12.3 percent, respectively, while financials and industrial posted modest gains with 9.9 percent and 7.1 percent.
However, services and mining and oil counters ended slightly lower with 1.2-percent and 2.1-percent dips.
Before trading took a pause for the Holy Week break, the PSEi on April 1 closed up 52.60 points or 0.66 percent at an all-time high of 7,993.09, the 24th time it posted a record finish this year. The All Shares index inched up 16.04 points or 0.35 percent to 4,576.21.