PSE is Southeast Asia’s best exchange
The Philippine Stock Exchange is the “Best Stock Exchange” in Southeast Asia for 2017, according to institutional investment magazine Alpha Southeast Asia, which has given the local bourse this much-coveted citation for the fourth time.
The award will be conferred during the Marquee Awards of the Alpha Southeast Asia Deal Awards to be held on Feb. 13 in Kuala Lumpur, Malaysia.
“The Philippine Stock Exchange stands apart given its continuing investments in its internal systems to facilitate the upside potential the country now represents after years in the shadows of its neighbors,” the award-giving body noted.
The Marquee Awards cited the technology developments, product launches, investment literacy initiatives of the PSE in 2017, which was a breakout year for the stock market. Upbeat prospects for PSE this year were likewise cited.
“Our accomplishments in 2017 would not have been possible without the hard work of the PSE team and the support of our regulators and various stakeholders. We will continue to do our best to fulfill our vision of becoming a world-class exchange,” said PSE president and chief executive officer Ramon Monzon.
“The upside for PSE remains high as it has the strongest potential for growth in 2018 given the solid economic fundamentals of the country as the global economic outlook improves and investors return to what is increasingly known as the safest haven in Asia with improving investments prospects for foreign and institutional investors.”
The PSE has been recognized as the best bourse in Southeast Asia four times in the last five years.
Last year, the Philippine Stock Exchange index gained a total of 25.1 percent for the year and posted a record finish of 8,558.42 on the final trading session as investors bet on another bullish year ahead.
The year 2017 was a breakout year for local stocks, thanks to a much-awaited tax reform program seen to fund the government’s promise of a “golden age of infrastructure” alongside a generally favorable global environment that buoyed fund flows to emerging markets.
After attempting to decisively conquer the 8,000 barrier for the last three years, PSEi was finally successful in 2017. The main index closed at new highs 14 times during the year, including the final trading session. This yearend performance reversed the slump seen in the last two years. The PSEi fell by 1.6 percent in 2016 and lost 3.85 percent in 2015.
Most trading participants are just as bullish for local equities this new year, with top analysts projecting that the PSEi would continue to scale new heights beyond 9,000.
The PSEi closed at record highs daily on the first three trading days of 2018. On Friday, it ended at 8,770, higher by 30.17 points or 0.3 percent. On the same day, the index broke past the 8,800 level and rose to a new all-time intraday high of 8,858.07. The PSEi has gained 2.5 percent in the first three trading sessions of 2018. —DORIS DUMLAO-ABADILLA
