MANILA, Philippines — The stock market reached a new record high yesterday on hopes of swift passage of the Duterte administration’s tax reform package.
The benchmark Philippine Stock Exchange index (PSEi)scaled a new record high of 8,367.38, up 56.50 points or 0.68 percent.
The broader All Shares index, meanwhile, gained 20.48 points, or 0.41 percent, to end at 4,909.92.
The counters were a mixed bag, but most of the sectors were on the upside. Closing in positive territory yesterday were the holding firms, property, mining and oil and the financials index while the services and industrial counters closed in the red.
News of the swift passage of the Duterte administration’s tax reform package are boosting sentiment, traders said.
Senate president Aquilino Pimentel III said the Senate is targeting to pass the reform bill before Congress takes a break on Oct. 13.
Traders said the market also ignored President Duterte’s declining ratings and instead just focused on economic fundamentals.
President Duterte’s net satisfaction and trust ratings suffered double-digit drops in the third quarter, according to the third quarter survey of Social Weather Stations (SWS) showed.