MANILA, Philippines – The Philippine Stock Exchange index (PSEi) ended the 1st half of the year with a 7.1% gain year-to-date, making it the 3rd best performing index in the Association of Southeast Asian Nations (ASEAN).

Philippine stocks were just behind Thailand and Singapore.

On June 28, the last day of the 1st half of the year, the PSEi closed at 7,999.71. The All Shares index climbed 8.3% in the first 6 months of the year to 4,893.78.

Four of 5 sector indices finished higher, with the services sector posting the biggest year-to-date gain of 18.6%. 

The financials and mining and oil sectors closed 3.4% and 7.4% lower, respectively.

Capital raised during the first half stood at P37.89 billion.

PSE president and chief executive officer Ramon Monzon said the stock market benefited from a mix of positive internal and external factors. 

“On the domestic front, we saw inflation stabilize which prompted an interest rate cut and a reduction in reserve requirement by the Bangko Sentral. The PSE is among the emerging markets that benefited from foreign fund inflows which are looking for attractive returns as US interest rates remain steady,” Monzon said. 

Foreign investors were net buyers in the market at the end of the 6-month period. (READ: More Filipino middle class, millennials investing in stock market)

Net buying was at P21.10 billion, a reversal from the P65.84-billion net foreign selling at the end of June 2018. 

Daily average value turnover rose 9.7% to P7.84 billion.

Market capitalization was at P14.69 trillion, higher by 8.4% since the start of the year. – Rappler.com