SUVA, July 11 (Xinhua) -- A total of 68 new investors who are students, farmers and retirees have entered the South Pacific Stock Exchange (SPSE) with the intention to invest in the first half of the year.
According to the South Pacific Stock Exchange (SPSE) on Wednesday, on a year-to-date basis, a total of 68 new investors have now entered SPSE over the six months of 2018. Four existing investors were re-entering the stock market either to increase their existing shareholdings in listed companies and/or in some cases diversifying their investment portfolio by investing in additional companies.
In its monthly stock market trading report, the SPSE stated that the month of June saw that majority of the new investors were individuals, include private and public sector employees, farmers, students and retirees.
The SPSE also noted that Communications Fiji Ltd (CFL) also recorded multiple trades whereby one of the founding shareholders liquidated part of its shareholding allowing CFL employees to purchase shares and become shareholders in the company.
It said it was a welcome change for the stock market, as CFL, being a listed company, was seen to be promoting a saving and investment culture within their workforce.
This also supplemented the month of Junes statistics for individual investors in SPSE.
Communications Fiji Ltd (CFL) is the largest radio broadcasting company in the South Pacific and operates five radio stations in Fiji and, under subsidiary PNG FM, a further three in Papua New Guinea.
Meanwhile, a review of the new investors by type of employment indicated that majority of the new investors entering the stock market were those employed in the private sector while those employed in the public sector rank second which was followed by retirees.
The SPSE was established in 1979, a wholly owned subsidiary of the Fiji Development Bank.
In 1993,the shareholding was broadened to enable the participation of other financial institutions in the development of the capital markets.
Seven more shareholders joined the SPSE, taking the total number of shareholders to eight. Prior to the establishment of a call market sessions in 1996, the SPSE operated a "trading post" where the activities were limited to only few orders.
In November 2000, the Stock Exchange officially changed its name to the South Pacific Stock Exchange (SPSE). The change is in line with the SPSE's vision of being a regional exchange. Trading is now conducted on the Electronic Trading Platform (ETP).