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Tuesday, April 16, 2024

‘Good governance led to stock market boom’

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The benchmark Philippine Stock Exchange index (PSEi) rose to all-time intraday highs 131 times and climbed to all-time high at the close 119 times, with a maximum of seven consecutive days of breaching all-time high during the term of former President Benigno Simeon “Noynoy” Aquino III.

“I fondly recall the time when I used to personally send stock market updates to President Aquino each time the market breached new milestones. We have to give credit to PNoy and his good governance drive which promoted political stability and transparency that translated well in market’s strong performance,” Jose T. Pardo, PSE chairman said.

According to PSE data, on July 1, 2010, the first trading day following President Benigno S. Aquino’s inauguration as the 15th President of the Philippines, the benchmark closed at 3,315.26 points mainly due to mere optimism on the assumption of the new government.

Barely three months into the Aquino administration, the PSEi broke past the 4,000 level. The main index tested the psychological level and reached an intraday high of 4,011.27 on September 14 and two days later closed at 4,005.46.

In the next few years, the 5,000 to 8,000 levels were also pierced. The PSEi closed above these levels for the first time on March 2, 2012 at 5,016.30; January 7, 2013 at 6,044.91; April 22, 2013 at 7,120.48 and April 6, 2015 at 8,053.74.

Aside from the index level, the stock market’s performance also charted records under Aquino’s watch. The PSE started documenting foreign investor transactions in 1998. Since then, the highest net foreign buying recorded for the year was in 2012 at P109.98 billion.

The highest total value turnover and average daily value turnover posted since 1998, when the PSE started to have electronic records of this data, was logged in 2013 at P2.55 trillion and P10.52 billion, respectively.

The highest capital raising in PSE’s record happened in 2012. Capital raised from initial public offerings, follow-on offerings, stock rights offerings and private placements, excluding the sale of secondary shares, amounted to P219.07 billion.

Read full article on BusinessMirror

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