The Philippine Stock Exchange Inc., operator of the country’s stock market, said Monday first-half net income rose 12 percent year-on-year to P417.5 million on the back of higher investment income.
Operating revenues declined 13 percent year-on-year to P740.1 million on account of a 21 percent drop in listing fees and 6.3 percent decrease in trading-related fees.
Fund raising from the sale of shares slowed down in the first half, with only P36.99 billion raised by corporates compared with P61.92 billion in the same period last year. Only two initial public offerings, two follow-on offerings, three stock rights offerings, and six private placements were undertaken in the first half. There were eight IPOs, one stock rights offer, and four private placements in the first half of 2022.
“The capital raising pipeline in the first half was not as robust as expected. There are offerings targeted in the next two months and hopefully, there will be additional IPOs before the year ends,” said PSE president and chief executive officer Ramon Monzon.
The average value of daily trades in the first half declined 4.4 percent to P6.98 billion as foreign investors pulled out P25.43 billion in stock investments.
