Market ends flat ahead of holiday break
The benchmark Philippine Stock Exchange index (PSEi)closed at 8,362.61, down 3.35 points or 0.04 percent while the broader All Shares index was down 8.52 points or 0.17 percent to end at 4,893.62. File
MANILA, Philippines — The stock market was flat yesterday even after President Duterte signed the Tax Reform for Acceleration and Inclusion (TRAIN) package.
The market had already factored in the TRAIN passage even as the Department of Budget and Management has recommended some provisions in the TRAIN for veto, traders said.
The benchmark Philippine Stock Exchange index (PSEi)closed at 8,362.61, down 3.35 points or 0.04 percent while the broader All Shares index was down 8.52 points or 0.17 percent to end at 4,893.62.
The rest of the counters were mixed with the mining and oil, services and industrial index all closing in positive territory. Only the holding firms and property counters closed in the red.
Total value turnover was thin as decliners outpaced advancing stocks, 110 to 84 while 50 issues were unchanged.
“Philippine markets were flat even though the TRAIN has been signed into law. Most investors are on the sidelines already enjoying the holidays. There wasn’t much market making activity with US indices closing slightly lower Tuesday as the Congress finally passed a bill that allows sweeping corporate tax cuts,” said Luis Limlingan, managing director at Regina Capital.
The new tax reform package is expected to help the Duterte administration achieve its Build Build Build infrastructure program as it would increase taxes on fuel, vehicles and sugar-sweetened beverages and expand the value-added tax (VAT) base.
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