By James A. Loyola
The Philippine Stock Exchange has finally started trading activities at its new headquarters at the PSE Tower in the Bonifacio Global City on the first trading day after the Lunar New Year.
“As we move to our new office at the Bonifacio Global City, we shall embark on recording new history for the stock market and for our country,” said PSE Chairman Jose T. Pardo.
He noted that, “for the first time, traders from the old Manila Stock Exchange and the old Makati Stock Exchange now share one trading floor. What better place to witness this unification and to pursue our aspirations to become a world-class exchange than here at the world-class Bonifacio Global City, one of the most modern and progressive places in the country.”
The transfer to its new offices signifies the first time the bourse is physically unified, 25 years after the it was born from the merger of the then Manila Stock Exchange and the Makati Stock Exchange.
While the MSE and MKSE were merged into a single entity two and a half decades ago, it had operated two trading floors, each of which housed certain PSE offices, to take advantage of donations of office properties by Philippine Realty and Holdings Corporation and Ayala Land Inc. which were hinged on the PSE actualy using occupying them for 10 years.
Even before the 10 year condition had expired, Fort Bonifacio Development Corporation (then controlled by Metro Pacific Investments Corporation) donated to the PSE a new site in the central business district it was developing.
However, the transfer to the new site face countless delays including the sale of MPIC’s stake in FBDC to ALI. It eventually agreed with ALI on a new site and the construction of a R3.5 billion, grade AAA multi-tower building located on a 3.2-hectare property.
The new building is located at 5th Street corner 28th Avenue in BGC. The building has an external ticker board on its façade that displays real-time stock prices and market data.
It will also house a museum which will feature various mementos that will showcase the rich history of the PSE and its predecessor bourses.
The Lunar New Year at the new PSE office is off to a good start with its first trading day seeing local stocks pushing up the PSE index 97.78 points or 1.14 percent to 8,710.22 with all sectoral indices in the green.
A total of 7.35 million shares worth R9.69 billion were traded as 141 stock advanced and 65 retreated while 44 issues were unchanged.
“Philippine markets climbed up as trading activity picked up with the Asian markets returning from the long CNY holiday,” said Regina Capital Development Corporation President Marita Limlingan.
She noted that, “for this week, the key economic release is existing home sales on Wednesday. Investors will also be paying attention to the minutes from the January 30-31 FOMC meeting will be released on Wednesday as well. Additionally, there are several scheduled speaking engagements by Fed officials this week.”
Tags: 5th Street corner, Bonifacio Global City, Fort Bonifacio Development Corporation, Jose T. Pardo, Metro Pacific Investments Corporation, Philippine Stock Exchange, PSE COO Roel A. Refran, Stocks soar as PSE starts trade at new BGC office, trading day