PSEi bounces back from Resorts World tragedy

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SHARE prices rose in active trading Monday, bouncing back from a last minute sell-off Friday, as market dismissed the impact of the tragedy that happened at the Resorts World Manila.

“I think after the weekend, explaining what happened at Resorts World, I expect the market to rally from the drop and continue the consolidation due to the market softness last Friday,” Harry Liu, president of Summit Securities Inc., told The Manila Times.

A lone gunman, who was identified by police as Jessie Carlos, 43, forced himself into the casino-hotel and entertainment complex Resorts World Manila early Friday, firing shots with an M4 automatic rifle and setting gambling tables on fire. The police rule out any links to terrorism.

The bellwether PSEi climbed 1.62 percent or 128.27 points to close at 8,035.93 by the noonbreak. The wider All Shares surged by 1.27 percent or 59.91 points at 4,776.04.


The PSEi is trading up 1.43 percent or 113.43 points at 8,021.09 as of 2:25 p.m.

From another perspective, Luis Limlingan, managing director at Regina Capital Corp., noted the positive sentiment from the tax reform packaged the House of Representatives on Wednesday helped market trace an uptrend during the morning session.

“The tax reform package gained traction,” Limlingan said.

House Bill 5636 exempts workers earning P250,000 and below a year from income tax. It raises the excise tax on petroleum products to P10 per liter from P6. ANGELICA BALLESTEROS

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