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Budget passage helps shares finish up

The signing of P4.5-trillion national budget for next year, as well as window dressing, helped the stock market recover from Monday’s losses and finish 2020 in the green on Tuesday.

The bellwether Philippine Stock Exchange index (PSEi) gained 0.25 percent or 17.46 points to close at 7,139.71 while the broader All Shares added 0.43 percent or 18.34 points to end at 4,272.61.

The index’s closing figure is 76.8 percent higher than its lowest finish of 4,039.15 on March 19 and 9.5 percent lower than its highest finish of 7,890.94 on January 3.

Philstocks Financial inc. research associate Claire Alviar attributed the rally to President Rodrigo Duterte’s signing of Republic Act 11518, or the “2021 General Appropriations Act,” on December 28, boosting investor sentiment.

“There’s no more fear about [a] reenacted budget next year that may have hindered economic recovery,” Alvair said, referring to earlier concerns of a repeat of what happened to the 2019 outlay, which Malacañang only approved after four-and-a-half months after a protracted congressional dispute over alleged insertions delayed it.

The delayed passage forced the government to run on a reenacted budget, limiting it to spend for items detailed in the 2018 outlay.

The latest figures on the country’s foreign portfolio investments in November also fueled optimism, according to Alviar.

Bangko Sentral ng Pilipinas data showed on Monday that net inflows of these investments, or “hot money” — so called because of how easily they enter and exit the economy — reached $227 million last month, lower than October’s $439 million.

Meanwhile, Regina Capital Development Corp. Managing Director Luis Limlingan said shares climbed on window dressing and on US President Donald Trump’s long-awaited approval of a $900-billion coronavirus relief package cobbled by lawmakers.

The indices of local sectors were mixed, with mining and oil leading advancers at 3.16 percent. Property and services declined by 0.59 percent and 0.14 percent, respectively.

Total volume turnover was at 95.98 billion shares, valued at P11.11 billion.

Losers edged out winners, 122 to 119, with 36 securities unchanged.

WITH A REPORT FROM ANNA LEAH E. GONZALES


Source: ManilaTimes
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