NET foreign buying in the Philippine stock market from January to April this year grew 61.3 percent to P19.49 billion from P12.09 billion in the same period last year due to heightened investors’ confidence on the country’s economic and political scenarios.
Total foreign buying stood at P109.72 billion, 17.9 percent higher than the P93.09 billion recorded last year. Foreign selling, on the other hand, increased to P90.23 billion versus P81 billion last year.
“Noise from bitter political bickering has subsided and the lack of unnecessary distraction from the political arena has helped investors focus on good news from the economic and corporate front,” said stock exchange president Francis Lim in a statement.
P988.52 million and further reached P1.5 billion at the end of the said month.
In terms of foreign selling, investors sold an average of P427.6 million during the second week of April, P716.49 million the following week and P1.34 billion in the last week of April.
To boost stock market liquidity, the PSE recently said it would pursue a cross-border listing program. The move is also seen to provide investors a more flexible trading environment.
PSE chairman Jose C. Vitug disclosed the plan after he welcomed a group of visiting British officials and businessmen led by the Lord Mayor of London David Brewer.
Cross-border listing refers to the listing of the shares of a stock of a corporation in a foreign stock market. Examples of companies that have practiced cross-border listing are the Philippine Long Distance Telephone Co., whose shares are traded in the New York Stock Exchange, and Manulife Financial of
“Cross-border listing will allow investors to trade the shares of a foreign firm here. If the company operates a project here, it also makes sense for it to just list its shares in our local stock market,” Vitug said.
The PSE is now reviewing its rules to make them more conducive to cross-border listing. Honey Madrilejos-Reyes
http://www.businessmirror.com.ph/0519/comp04.php
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