Philippine Stocks Surge in 2024

Sixty percent of the 30-member Philippine Stock Exchange index (PSEi) posted significant gains in 2024, with nine out of 18 achieving double-digit growth, online stock brokerage firm 2TradeAsia.com said in a report.Data from its 2025 Philippine Equities Annual Outlook released on Monday said Converge ICT Solutions, Inc. (CNVRG), International Container Terminal Services Inc. (ICTSI), and Metropolitan Bank and Trust Company (Metrobank) were the top three gainers.CNVRG's stock price jumped by 89.

5 percent from P8.38 in end-Dec. 2023 to P15.88 in Nov. 15, 2024.ICTSI's share price, meanwhile, spiked by 55.2 percent from P246.80 to P383.00, while that of Metrobank climbed by 41.9 percent from P51.30 to P72.80.The report attributed CNVRG's stock growth to its 29-percent rise in net income at P8.2 billion, backed by a 14-percent hike in consolidated revenues at P29.9 billion.ICTSI logged in a net income of $632.58 million, 31 percent higher than 2023, supported by 14-percent boost in revenues at P2.01 billion.On the other hand, the stock prices of Nickel Asia Corp. (NAC), JG Summit Holdings, Inc. (JGS), and Bloomberry Resorts Corp. (Bloom) dropped by 42.2, 41.8, and 38 percent, respectively.The decline in NAC's nine-month earnings was due to softer metal prices and output. Its share price fell from P5.48 to P3.17 as of Nov. 15, 2024.Additional capital for JGS' petrochemical business caused its stock price to slide by 41.8 percent to P22.20 from P38.15, while Bloom's weakness in the VIP table segment, along with the Philippine offshore gaming operators (POGOs) exiting the country, caused its shares to drop from P9.84 to P6.10 apiece.Outside of PSEi members, Roxas and Company Inc. (RCI) shares surged by 525 percent from P0.48 to P3.00 due to its planned development of three haciendas in Batangas, notwithstanding its unsettled property taxes.Online gaming firm DigiPlus Interactive Corp. (PLUS) also saw its stock price expand by 149.8 percent to P19.98 from P8

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Philippine Peso Gains Ground in Last Trading Day of 2024, Stock Market Up Despite DipThe Philippine peso strengthened slightly on the final trading day of 2024, but still ended the year weaker than the previous year. The stock market, however, gained year-on-year despite a slight decline on Friday. Financial markets will be closed from December 30 to January 1 for national holidays, with trading resuming on January 2.
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