Foreign fund managers start raising bets on RP
MANILA, Philippines - The Philippines is back on the radar of global investors even in the midst of a global financial crisis as net foreign buying in the local stock market almost doubled in the first half of the year compared with the same period in 2009.
According to the Philippine Stock Exchange (PSE), net foreign buying stood at P15.8 billion as against P8.3 billion a year ago. Net foreign buying is the difference between total foreign buying and total foreign selling.
As foreign buying went up, stock market activity also enjoyed brisk business as average daily turnover for the period January to June this year grew 31.25 percent to P4.2 billion from P3.2 billion.
Stock prices, as tracked by the benchmark PSEi, went up 14.7 percent as of Aug. 17. The main composite index recorded its highest level in more than two years since the crisis when it closed at 3,525.81 points on Aug. 10.
PSE president and chief executive officer Val Suarez said the favorable economic backdrop and the positive outlook of investors on emerging economies such as the Philippines present bright prospects for the stock market.
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