KINGSTON, Jamaica — As stock markets around the world reach record lows in light of the global COVID-19 pandemic, Managing Director of the Jamaica Stock Exchange (JSE), Marlene Street Forrest, is encouraging investors to stay the course.

Street Forrest was speaking during a virtual summit organised by The Honey Bun Foundation on Thursday, March 26.

Street Forrest said that COVID-19 has come at a time when companies have been releasing audited financial statements, and they were doing well. However, in the past three months the market has declined by approximately 30 per cent.

“This does not mean businesses will not look at the opportunities in the market and strategise to grow within and after COVID. Jamaican companies are resilient,” she said.

Street Forrest noted that while speculators will be cashing out, investing in the stock market is about long-term investment.

“We have had many crises before COVID-19. Stock market investment outperforms all other investments in the long run. If you are investing for the long run, look to staying in the market.”

She said that this was the time to look at what you have in your portfolio, and what stocks will perform in a crisis and immediately after.

“Look at diversifying within the market instead of looking outside. Listen to the news—what are the steps they (companies) will be taking, what are the opportunities that will be coming their way and invest based on that.”

In highlighting the resilience of the Jamaican market, she said that between 1999 and 2019 there were many crises worldwide. But according to Bloomberg, Jamaica’s stock market has been on the top 10 performance chart 12 times during that period.

“That means that we understand we have to work harder. We have done it in the financial crisis of 2008/2009. The market will go down but it will come back up and most times, morefolds than when it went down.”