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Stock market boom in 2015 was not a bubble — BOJ

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The Bank of Jamaica (BOJ), in an assessment of the performance of the Jamaica Stock Exchange (JSE) in 2015, has concluded that the extraordinary upsurge in stock prices during the period did not constitute a bubble or other phenomena unrelated to market fundamentals.

“A technical examination of the recent stock market appreciation,” was published this week as a part of the quarterly monetary policy report for the period ending December 31, 2015.

During 2015, as noted in the analysis, the JSE Main Index increased by 97.4 per cent “to an unprecedented level”, while the value of stocks traded increased by 400 per cent to $64.6 billion from $12.8 billion.

Most of this value change in the index — 71.0 per cent — occurred in the last three months of the year.

Published in the Observer
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