CREATE passage pushes stocks up; peso down

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    Share prices ended up Thursday on late-session buying.

    Analysts said investor sentiments were buoyed by the passage of a tax incentives bill in Congress.

    The Philippine Stock Exchange index (PSEi) was up 44.29 points to 6,903.75, a 0.65 percent hike.

    The broader all shares index was up 22.07 points to 4,165.33, a 0.53 percent hike. Gainers edged losers 123 to 99 with 43 stocks unchanged. Trading turnover reached P10.42 billion. The peso closed at 48.08 to the dollar, down from 48.019 on Wednesday. The currency opened at 48.04, hit a high of 48.03 and a low of 48.098. Trading turnover reached $1.16 billion.

    SB Equities Inc. said sentiments were lifted by the passage of the Corporate Recovery and Tax Incentives for Enterprises bill “increasing expectations that it will be signed into law soon.”

    This led to late-session buying that pushed the PSEi to close green amid a volatile trading session, according to Japhet Tantiangco, analyst at Philstocks Financial Corp.

    “Economic recovery hopes got a boost from the Congress’ ratification of the CREATE bill compelling investors to pick up shares,” he said.

    Most actively traded AC Energy Philippines Corp. was down P0.53 to P7.21. Dito CME Holdings Corp. was up P0.48 to P13.98. Converge Information and Communication Technology Solutions Inc. was up P0.86 to P17.36. Basic Energy Corp. was steady at P1.12.

    Jollibee Foods Corp. was steady at P180. BDO Unibank Inc. was up P1.30 to P106.50. PLDT Inc. was down P18 to P1,370. SM Investments Corp. was up P23 to P1,033. SM Prime Holdings Inc. was up P0.05 to P37.25.