| Net foreign buying up 264% |
| REFORMS TO ENSURE TREND CAN BE SUSTAINED, SAYS P.S.E.'S LIM |
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| By Honey Madrilejos-Reyes |
| Reporter |
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| THE net foreign buying in the stock market at the end of January 2007 reached P11.82 billion, or 264.03 percent higher than its P3.25-billion level a year ago, as the market continues its advance. Francis Lim, president and chief executive officer of the Philippine Stock Exchange (PSE), said Tuesday the net buying level was one of the highlights noted by the PSE last month. "We are off to a good start, and I am confident we can sustain our momentum, provided we maintain, if not improve on, the market's favorable investment environment," he said. "That means keeping in place the PSE's reform program to assure the integrity of the market and the efficient operation of the exchange. Based on PSE's records, total foreign buying went up by 263 percent to P54.62 billion in January from P15.05 billion during the same month last year. Total foreign selling also increased by 263 percent to P42.80 billion from P11.80 billion for the same period last year. Net foreign buying is the difference between total foreign buying and total foreign selling. "This is a clear indication that more and more foreign investors are entrusting their money with us," Lim said. With foreigners buying up, stock market activity also enjoyed brisk business as total turnover went up to P86.35 billion, or 265.86 percent higher than the year-ago level of P23.60 billion. Average daily value turnover in January expanded 265.86 percent to P3.93 billion from P1.07 billion a year earlier. Total market capitalization of all listed issues as of January 31 increased 24.18 percent to P7.44 trillion from P5.99 trillion in January 2006. The market capitalization of listed domestic companies hit P3.66 trillion, or 65.02 percent higher than the P2.22-trillion amount at the end of January 2006. Stock prices, as tracked by the PSEi, went up by 8.61 percent, or to 3,239.27 points during the first month of the year from 2,982.54 at the end of 2006. At the end of January the prices of 156 issues were up, those of 48 others were down, while those of 27 other issues were unchanged compared to their levels at the end of 2006. |
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