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Abstract

Public interest in the stock market has continued to grow tremendously during the past decade as well as going into the first four years of the 1990's. This can be attributed to the prolonged bull-runs which have characterized the last three years of trading prior to 1989, as well as the effective recovery of the market in 1991 after a year of extreme difficulty. The best performance registered by the Philippine stock market was during the year 1993 when growth was measured at 154%. This figure was way beyond that of its closest performer, Hong Kong which grew at 116%. This robust performance occurred despite the relatively slow growth of the economy which was registered at 2.3%. Companies which floated initial public offerings (IPO's) along with the firms which were newly listed generated a lot of interest which stimulated increased buying and selling during the year. The participation of foreign investors also created more activity, at the exchanges as market reforms designed to liberalize entry and reduce restrictions were being implemented by the Ramos Administration.

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