Shares rise as investors assess new admin’s economic plan
Philippine shares closed the week on a positive note as regional stocks rose while investors weighed statements made by the incoming Marcos administration’s economic team.
The benchmark Philippine Stock Exchange (PSE) Index rose 1.21 percent, or 80.62 points, to 6,726.14 while the broader all-shares index was up 0.77 percent, or 27.48 points, to 3,596.13.
Trading volume was relatively thin on Friday with 917.4 million shares valued at P5.96 billion changing hands. Data from the PSE showed foreigners were net buyers to the tune of P160.14 million.
The government announced on Friday that Metro Manila and other provinces would retain the most relaxed pandemic alert level from June 1-15 despite a slight increase in infections.
Incoming Finance chief Benjamin Diokno also told ANC on Friday the economic team has “a plan” to reduce the country’s budget deficit.
Diokno said he was also “not worried” about the country’s widening debt level of above 60 percent relative to the country’s economic output.
