PSEi rebounds on Wall St gains, tax reform plan

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THE PSEi ended a two-day losing streak on Tuesday, helped by positive sentiment from Wall Street and the government’s tax reform package.

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The approval of the tax reform bill by the House Committee on Ways and Means may have helped the market recover, April Tan, vice president and research head at COL Financial, said.

The House panel approved on third and final reading the substitute tax reform bill on Tuesday. It will now go through the plenary for debate.

The main PSEi gained 0.23 percent or 18.14 points to close at 7,791.07 while the broader All Shares went up 0.22 percent, or 9.98 points to settle at 4,642.15.

The S&P 500 and Nasdaq closed at record highs on Monday, backed by demand for technology stocks after the weekend’s massive ‘ransomware’ cyber attack and as rising oil prices lifted commodity-linked shares.

Investors were optimistic ahead of the gross domestic product (GDP) data for the first quarter, said IB Gimenez Securities Research Head Joylin Telagen, citing the recovery of agriculture sector after several quarters of declines.

“However, today’s gains was tempered by continued declines of some companies that reported disappointing first quarter earnings,” Telagen noted.

Most sectoral indices were in the red: Services (-1.13 percent), Industrials (-0.27 percent), Financials (-0.20 percent), Holding Firms (-0.13 percent) and Mining and Oil (-0.11 percent).

The Property sector was the only gainer at 2.48 percent.

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