Stocks climb as first package of tax reform bill passes Congress

December 14, 2017

Stocks soared Thursday following the approval by both Houses of Congress of the first package of a tax reform bill which will fund the Philippines' infrastructure program.

The Philippine Stock Exchange index closed 101.45 points higher to 8,461.06. In the broader market, there were 110 gainers, 103 decliners and 33 shares unchanged.

Volume amounted to 1.84 billion shares worth P7.62 billion. Foreigners were net buyers, with P4.38 billion shares bought compared to P3.31 billion sold.

Most actively traded shares were led by GT Capital Holdings, up 4.56 percent to P1,270; Ayala Land, up 1.48 percent to P43.30 and SM Prime, up 3.56 percent to P37.80.

The peso closed at P50.47 against the US dollar from P50.48. Volume at the Philippine Dealing System reached $475.70 million from $576.95 million. DMS