Philippine Stock Exchange Market Up 101 Percent

The Philippine Stock Exchange (PSE) announced that its consolidated net income soared 101 percent in 2010 to P417.5 million from P207.7 million in 2009 due to more company listings and increased trading level of stocks.

This resulted in higher listing and trading-related revenues which offset the increase in operating expenses. The increased activity level resulted in a high performance of the PSE index (PSEi).

The PSEi surged 37.6 percent or 1,148.46 points to end at 4,201.14 as of December 30. Last November 4, the PSEi closed at a new historic high of 4,397.30 points in 2010.

“The market continued to benefit from the country’s economic fundamentals, and the general optimism by foreign investors towards emerging Asian economies. The Exchange’s income reflected these favorable conditions and the confidence of investors in the stock market,” PSE president and chief executive officer Hans B. Sicat said.

Based on its financial statement submitted to the Securities and Exchange Commission (SEC), the PSE reported that consolidated revenues in 2010 spiked 50 percent to P938.0 million from P624.38 million in the same period the previous year.

Listing-related income surged by 99 percent to P401.9 million from P202.1 million in 2009. The companies that listed shares last year included Integrated Micro-Electronics Inc. and IP E-Game Ventures Inc. which listed by way of introduction on the stock exchange; Petron Corp. and San Miguel Corp. which listed new preferred shares; and Cebu Air Inc., IP Converge Data Center Inc. and Nickel Asia Corp. through an Initial Public Offering (IPO).

Trading-related fees also grew by 26 percent to P176.029 million. Last July 26, the PSE rolled out PSEtrade, its new trading system which was acquired from NYSE Technologies.

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