4 weeks ago
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Richmond Mercurio - The Philippine Star
February 19, 2025 | 12:00am
After finishing below the 6,000 mark on the week’s first trading day, the bellwether Philippine Stock Exchange index bounced back yesterday, climbing by 1.69 percent or 101.48 points to 6,094.96.
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MANILA, Philippines — The local stock market snapped a two-day decline as investors cheered the signing of the implementing rules and regulations (IRR) of the CREATE MORE Act.
After finishing below the 6,000 mark on the week’s first trading day, the bellwether Philippine Stock Exchange index bounced back yesterday, climbing by 1.69 percent or 101.48 points to 6,094.96.
The All Shares index also closed in the win column, surging by 1.88 percent or 67.78 points to settle at 3,678.94.
“Philippine shares closed higher as investors welcomed the signing of the IRR on corporate tax cuts,” Luis Limlingan of Regina Capital said.
The CREATE MORE Act, which was enacted on Nov. 8, 2024, transforms the country into an attractive business destination by making the tax incentives regime more globally competitive, investment-friendly, predictable and accountable.
Finance Secretary Ralph Recto said that the signing of the IRR is a clear message to the world that the Philippines means business.
The local stock market celebrated the development, with the PSEi returning above the 6,000-level.
Optimism toward fourth quarter and full year 2024 financial performances of listed companies also boosted investor sentiment.
All counters were in the green, except for mining and oil, which dipped by 0.17 percent.
The property index led the charge, soaring by 3.32 percent, followed by financials with a 1.53-percent gain.
Market breadth was positive as advancers crushed decliners, 101 to 72, while 64 issues were unchanged.
Net value turnover, however, remained thin at P4.74 billion, slightly higher from the previous day’s P4.72 billion.
