According to the Philippine Stock Exchange, the target for record shares sales for 2013 is still achievable. The exchange bases its assessment on at least three large planned initial public offerings amidst volatilty after the market rout it had experienced just last month.
The PSE is maintaining its previous forecast that the sales for this year would exceed 2012's record volume of Php 219.07 billion or US$5.05 billion. This was confirmed by PSE President Hans Sicat during an interview. In the same period, Philippine firms have been able to raise Php 31.12 billion last year to July 5 from both IPOs and secondary share sales. This is 66% less than the same period last year, according to bourse information made available.
The Philippine Stock Exchange Index or PCOMP fell into a stall, sending stock valuations plummeting to a seven month low accompanied by the highest in the past four years. International investors have sold assets from emerging markets due to the speculation that the US Federal Reserve would be cutting back its economic stimulus package.
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