‘PH stock market 3rd best in world’
MANILA, Philippines – The Philippine Stock Exchange (PSE) continues to scale new heights.
The PSE ranked third best performing in the world in 2012, outpaced only by the bourses in Turkey and Thailand, according to a report released by Paris-based World Federation of Exchanges (WFE).
It bagged the spot in WFE’s rankings of 50 member exchanges following the 39% expansion in its market capitalization in 2012.
“This is a testament to what we have been saying that the Philippines is now indeed in the global radar for investments and these numbers prove our worth as a viable investment destination,” PSE President and CEO Hans Sicat said in a statement.
The PSE also claimed the third spot in value turnover, with a 25.3% growth, below Saudi and Bermuda stock exchanges.
In terms of number of trades and broad market index growth, the local bourse placed fourth and fifth, respectively.
“For two consecutive years, our stock market has been recognized among the fastest growing markets. This just shows that our growth has been sustainable particularly as it founded on the increased economic activity in the country,” noted Sicat.
The bellwether PSE index, a barometer of investor confidence in the country, set new records for a total of 38 times in 2012 and posted an annual growth of 33% that year.
The rally continued in 2013, with the index hitting 21 all-time highs so far and breaching the 6,700 mark. – Rappler.com