Index hits new record high
Iris Gonzales (The Philippine Star) - May 6, 2017 - 12:00am

MANILA, Philippines - The stock market rallied yesterday, with the benchmark Philippine Stock Exchange index hitting a new record high at 7,841.99, up 86.24 points, or 1.11 percent, while the broader All Shares index gained 37.30 points, or 0.80 percent, to end at 4,673.40.

The rally came on the back of optimism on the government’s tax reform program after the Department of Finance said Congress could pass the first part of the Comprehensive Tax Reform Program by midyear.

The House ways and means committee has already approve the substitute bill on the CTRP.

The National Economic and Development Authority (NEDA) also reported the nationwide inflation rate in April was stable at 3.4 percent.

The latest figure was slightly below the median market expectation of 3.5 percent and within the government’s target of two to four percent for the year.

“The stable inflation rate in April is a respite from the upward inflation trend we saw in the first three months of the year. Nevertheless, volatilities in oil prices and erratic exchange rates can still manifest into higher domestic prices for both food and non-food commodities,” said NEDA officer-in-charge and undersecretary for Investment Programming Rolando Tungpalan. 

Meanwhile, all the other counters likewise closed in positive territory except for the mining and oil index, which declined 128.40 points.

PHILIPPINE STOCK EXCHANGE
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