PH stock index stays higher than 7,000, nears all-time high anew

MANILA, Philippines—Local stocks edged higher for the fourth session on Tuesday on month-end window-dressing, upbeat first quarter earnings flow and global regime of easy monetary policy.

The main-share Philippine Stock Exchange index gained 42.64 points or 0.61 percent to close at 7,070.99. The index is now nearing the all-time high level of 7,120.48 that was last hit on April 22.

The index gained notwithstanding the further decline in share prices of gaming stocks, three of which are part of the PSEi – Belle (-3.14 percent), AGI (-1.66 percent) and Bloomberrg (-0.17 percent) – due to uncertainties created by a change in the tax regime from a 5-percent franchise tax on gross gaming revenues to a regular 30-percent tax on net income.

Melco (-7.76 percent), the hardest hit among gaming stocks on Tuesday, said it was looking at all options including “legal remedy” and negotiations with regulators.

Property and services boosted the day’s gains, with their respective counters rising by over 1.2 percent. Only the mining/oil counter was in the red (-1.19 percent),

The day’s biggest index gainers were MPI (+4.28 percent), URC (+2.59 percent), ALI (+2.2 percent), SM Prime (+1.63 percent), PLDT (+1.6 percent), DMCI (+1.51 percent) and Globe (+1.42 percent).

Value turnover amounted to P10.84 billion. There were 91 advancers that outnumbered 39 decliners while 39 stocks were unchanged.

Across the region, trading was mostly upbeat on hopes for political stability in Italy and expectations for sustained regime of easy monetary policy across global central banks.