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Tax plan to save PH from debt burden lifts PSEi

/ 05:14 AM May 26, 2022

The benchmark Philippine Stock Exchange index (PSEi) saw a modest rebound on Wednesday as the Department of Finance (DOF) revealed a new set of tax proposals to address mounting government debt that was accumulated during the global health crisis.

The PSEi rose 0.31 percent, or 20.31 points, to 6,597.76 while the broader all shares index added 0.1 percent, or 3.64 points, to 3,554.04.

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Selling pressure on Wednesday eased during a low-volume session while several regional indices closed in positive territory.

Led by outgoing Finance Secretary Carlos Dominguez III, the DOF unveiled higher taxes on sin products and cryptocurrencies while proposing the deferral of personal income tax reductions due next year until 2026.

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PSE subsectors also ended mixed on Wednesday as holding firms and financials closed higher while the mining and oil, property, services and industrial sectors dropped.

A total of 1.03 billion shares, valued at P5.98 billion, changed hands while foreigners remained net sellers to the tune of P382.62 million.

PSE data showed 107 losers against 76 advancers while 57 companies closed unchanged.

Converge ICT Solutions Inc. remained the top traded stock on Wednesday as it slipped 1.16 percent to P25.50 per share.

It was followed by BDO Unibank Inc., down 0.65 percent to P122.70; SM Prime Holdings Inc., down 1.86 percent to P37; International Container Terminal Services Inc., down 1.50 percent to P210.60; and PLDT Inc., up 1.77 percent to P1,950 per share.

Rounding out the active stocks list were Monde Nissin Corp., down 0.88 percent to P15.78; Ayala Land Inc., up 2.17 percent to P28.30; DMCI Holdings Inc., up 2.03 percent to P9.05; Semirara Mining and Power Corp., up 1.52 percent to P33.50; and SM Investments Corp., up 2.05 percent to P847 per share.

—Miguel R. Camus
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TAGS: Philippine Stock Exchange index (PSEi), Stock Market
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