Share prices on the Philippine Stock Exchange closed higher on Wednesday, buoyed by overnight gains on the US market.
Sentiment also received a boost from the recently signed implementing rules and regulations of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, an analyst said.
The benchmark PSEi rose 24.92 points or 0.41 percent to settle at 6,119.88.
The broader All Shares index dropped 3.94 points or 0.11 percent to 3,675.
Gainers outpaced losers 98 to 89, with 59 stocks unchanged. Trading value reached more than P5.18 billion.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the market took its cue from overnight gains posted by the US markets.
He said the PSEi rose after US stock markets slightly gained overnight by up to 0.2 percent, with the S&P 500 trading at new record highs, thereby supporting global stock market sentiment.
On the local front, stockbroker SB Equities Inc. said the market also reacted positively to the recent signing of the implementing rules and regulations of the CREATE MORE Act.
“The local index remained in positive territory following upbeat sentiment after the signing of the IRR of the CREATE MORE law,” the brokerage said in a note.
The law provides a new tax incentives regime that is globally competitive, investment-friendly, predictable and accountable.
SB Equities, however, observed last-minute selling pared some of the gains made earlier in the session.
Most actively traded International Container Terminal Services Inc. slipped P3 to P347. Philex Mining Corp. gained P0.73 to P5.07. Metropolitan Bank and Trust Co. dropped P2.45 to P71.55. Bank of the Philippine Islands lost P1.40 to P127.60. BDO Unibank Inc. shed P1.10 to P141.90. Ayala Land Inc. gained P1.25 to P24.80. SM Prime Holdings Inc. firmed P0.30 to P23.15. Universal Robina Corp. added P4.75 to P71.50. SM Investments Corp. shed P3 to P795. Manila Electric Co. advanced P9 to P500.
