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Local stocks rally on remittances, corporate tax cut news

Business | The Stock Market

Local stocks rally on remittances, corporate tax cut news

By James A. Loyola

The local stock market strengthened as investors picked up bargains amid stronger remittances and corporate tax cuts.

The main index surged by 101.48 points or 1.69 percent to close at 6,094.96 as the property counter made a strong bounce while miners saw some profit-taking. Volume grew to 1.06 billion shares worth ₱6.3 billion as gainers outnumbered losers 101 to 72 with 64 unchanged.

“Philippine shares closed higher as investors welcomed the signing of the IRR on corporate tax cuts,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Research Manager Japhet Tantiangco said “the local market bounced back this Tuesday as investors hunted for bargains after two consecutive days of decline.”

He added that “optimism towards fourth quarter and full year 2024 corporate results also helped in driving the market higher following sound earnings reports from BPI, AUB, and the most recent one SMPH."

"Also helping in Tuesday's trading was the overseas Filipinos' cash remittance data for 2024 which posted a 3.0 percent increase," he added.

Related Tags

Regina Capital Development Corporation Luis Limlingan Japhet Tantiangco Philippine Stock Exchange index (PSEi) Philstocks Financial

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