PSEi soars on tax reform progress

Philippine shares rallied on Thursday to test the all-time high closing earlier this week, buoyed by optimism about the tax reform program after the Senate filed its own version of the bill.

"The run was triggered by the tax reform's progress in the Congress," First Grade Finance Inc. managing director Astro del Castillo told GMA News Online.

The main PSEi gained 67.4 points or 0.82 percent to 8,286.86 at the closing bell. The broader All Shares increased by 30.96 points or 0.64 percent to 4,885.00.

"The rally in the stock market instigated by investors is much louder compared to the pro and anti-government protests today," Del Castillo noted.

In Mendiola on Thursday afternoon, militant groups burned a "Rody's Cube"—a twist on the popular Rubik's Cube 3-D combination puzzle invented in 1974 by Hungarian sculptor and professor of architecture Erno Rubik, using instead a nickname for Rodrigo.

The faces of President Rodrigo Duterte, the late strongman Ferdinand Marcos, Nazi leader Adolf Hitler, and a puppy were illustrated on facets of the cube.

The Senate committee on ways and means filed on Wednesday Senate Bill 1592—its version of the Tax Reform for Acceleration and Inclusion Act—a step closer to the passage of the measure.

"We see the market being buoyed by the developments in the tax reform program," Gerard Barboza, equities trader at AP Securities Inc., said.

"Investors are now anticipating its economic effects. The property sector will benefit the most, but the bullishness will likely trickle down to other sectors as well," Barboza noted.

The PSEi also hit a fresh all-time intraday high of 8,321.81, Philippine Stock Exchange data showed.

Foreign funds bought P4.163 billion of shares during the session and sold P3.941 billion for a net buying position of P222.182 million.

More than 1.704 billion shares valued at P7.956 billion, changed hands. Advancers led decliners, 107 to 95, and 54 issues were unchanged. — VDS, GMA News