PSEi rebounds on 2021 budget ratification

Share prices on the Philippine Stock Exchange closed in the green on Thursday as investors welcomed news that the Congress ratified the bicam-approved P4.5-trillion national budget for 2021.

The benchmark PSEi gained 51.77 points or 0.73% to 7,154.43 at the closing bell. The broader All Shares increased by 17.70 points or 0.42% to 4,270.92.

“The PSEi rose 0.73% amid the ratification of the P4.506 trillion national budget for 2021 which is expected to be passed before Christmas,” Philstocks Financial research associate Claire Alviar said.

“It erases uncertainties of reenacted budget for next year and gives more hope for gradual economic recovery,” she said.

The Senate and the House of Representatives on Wednesday ratified the bicameral conference committee report on the measure providing for the proposed P4.5-trillion national budget for 2021.

Included in the bicam-approved budget bill are P72.5 billion in regular and unprogrammed funds for COVID-19 vaccine procurement, storage, and distribution in 2021.

Around P23 billion has been realigned for the rehabilitation of communities affected by the recent strong typhoons that hit the country.

More than 150.03 billion shares valued at P7.638 billion, changed hands. Advancers led decliners, 121 to 108, and 41 issues were unchanged.—AOL, GMA News