Stock trading value up 7.5% in first half – BusinessWorld Online Edition

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Daily average turnover stood at P8.08 billion, the PSE said in a statement over the weekend, noting brisk trading activity in the January-June period. The 30-member bellwether index also climbed to 7,843.16 on June 30, a 14.7% increase compared with the same period in 2016.

Capital raised stood at P106.74 billion, or more than half of the P200 billion the PSE has targeted to raise in 2017.

“We are pleased with the overall market performance in the first semester while capital raising activity remains on target. We believe the economy will continue to provide more growth for listed companies and attract more investors in the market,” said Ramon S. Monzon, PSE president and chief executive officer.

During the period, the PSE hit P16.42 trillion in market capitalization for all listed companies, a record-high for the bourse. The market saw another milestone with SM Prime Holdings, Inc.’s record market capitalization of P1.01 trillion on June 9, the first time for a local company to breach the P1-trillion mark.

“The passage of the tax reform bill and the infrastructure program of the government should help sustain the market’s growth momentum in the coming years,” Mr. Monzon said.

In a separate statement, the PSE announced that it had suspended the trading of shares for agribusiness firm Calata Corp. on June 30. The suspension will be effective for a month, and will be lifted on July 31.

The stock exchange noted that the firm, with the trading symbol CAL, violated rules regarding the timely disclosure of the disposition of shares by a company’s directors and principal officers, as well as updates on previous disclosures that could affect investor decision.

“The PSE also found CAL to have violated the ‘blackout rule’ which prohibits directors and principal officers who have obtained material non-public information to trade their company’s shares within a prescribed period,” it said.

Last week, Calata disclosed that its board of directors had approved the issuance of 125 million common shares to its chairman and chief executive officer, Joseph H. Calata at P2 each.

“We would like to assure the investing public that the Exchange upholds strict compliance to our disclosure rules for the protection of investors and to maintain a fair and orderly market. The parameters for timeliness of disclosures have been put in place precisely for these reasons and any violation will need to be dealt with accordingly consistent with our rules,” Mr. Monzon said. — Arra B. Francia