Philippine stock market closes at highest level for the year
The Philippine Stock Exchange index (PSEi) closed at its highest level for 2017 at 8,001.38, up by 93.72 points or 1.2 percent from Friday’s closing level of 7,907.66.
The PSEi closed at an all-time high of 8,127.48 on April 10, 2015.
All sectoral indices also ended higher. The financials sector gained the most, up by 1.6 percent.
“The market’s breach of the 8,000 level can be attributed to the optimism over the developments in the Department of Finance’s Comprehensive Tax Reform Program (CTRP),” said PSE President and CEO Ramon Monzon.
President Rodrigo Duterte has certified to Congress the urgency of the CTRP and the House of Representatives promptly passed the same before its adjournment. It has been reported that the tax reform package is estimated to generate additional revenues of P130 billion for the government on the first year of its implementation.
Year-to-date, the PSEi has gained 17 percent.
Most active shares were led by Metrobank, up 5.29 percent, to P89.50. Melco, which operates City of Dreams and benefiting from the resolution of the Resort World Manila attack, gained 3.41 percent to P10
Travellers International Hotel Group, Inc., which runs Resorts World Manila, lost 0.96 percent to P3.10. In a disclosure to the Philippine Stock Exchange, Travellers International said it is postponing a stockholders meeting set June 8 to “an appropriate date.”
Meanwhile, the peso gained 15 centavos to close at P49.40 despite lower volume at the Philippine Dealing System. Volume reached $ 609.9 million from Friday’s $908 million. DMS
