SHARE prices closed at its highest for the year as investors ignored last week’s attack at a popular gambling site in Pasay City.
The benchmark Philippine Stock Exchange index (PSEi) closed at 8,001.38, up by 93.72 points or 1.2 percent from Friday’s closing level of 7,907.66.
Since last week, the main index already touched the 8,000-point level, but investors decided to lock in on their gains, as they became nervous on the developments in the attack at Resorts World Manila last Friday. The attack inside the casino is linked to the deaths of 38 people.
The PSEi closed at an all-time high of 8,127.48 on April 10, 2015, but fell sharply in the following months on global market jitters.
All sectoral indices also ended higher for the day. The Financials sector gained the most, up by 1.6 percent to 1,976.31 points; the broader All Shares index gained 44.14 to 4,760.27; the Mining and Oil index surged 149.27 to 12,568.54; and the property index was up by 34.08 to 3,740.42.
“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],” PSE President and CEO Ramon Monzon said.
President Duterte has certified to Congress the urgency of the CTRP, and the House of Representatives passed it before approving an adjournment sine die. 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.
Cirtek Holdings Philippines Inc. was the day’s most active, gaining P0.20 to P23.50; Ayala Land Inc. lost P0.40 to close at P40.90; SM Investments Corp. rose P22.50 to P790, its property unit SM Prime Holdings Inc. increased P0.85 to P34.60; and Universal Robina Corp. was up P0.80 to P160.40.