PSEi profit up 45.9% in first 9 months

MANILA — The Philippine Stock Exchange, Inc. (PSEi) on Friday said its profit surged 45.9 percent in the first nine months of the year, boosted by revenues from the sale of its Tektite office space.

PSE net profit reached PHP707.35 million in January to September from PHP484.71 million in the same period in 2016.

The Exchange’s operating revenues rose 8.8 percent to PHP953.70 million from PHP876.23 million in the same period a year ago.

Listing-related fees, the biggest component of operating revenues, went up by 22.0 percent.

Trading-related fees were also higher by 7.8 percent while service fees from the Securities Clearing Corporation of the Philippines were marginally lower by 0.3 percent based on the slight decline in average daily trading volume.

“Trading activity is slightly higher this year and we hope to see some more follow-on offerings in the fourth quarter,” said PSE President and Chief Executive Officer Ramon S. Monzon.

Year-to-date, net foreign buying was worth PHP50 billion with the main PSE index rising 20 percent.

“We would like to keep this momentum going to the next year by launching more products and making our market more attractive to both foreign and local investors,” said Monzon.

The Exchange is also soliciting comments on its proposed guidelines for short-selling transactions, which the PSE aims to launch during the first half of 2018. (PNA)