PSEi closes at fresh one-year high

Share prices closed at a fresh one year high on bets that the government's tax reform bill will make it through Congress and investors cling on to dovish statements from the US Federal Reserve.

The benchmark PSEi was up 25.69 points or 0.32 percent to 8,071.47 – the highest since closing at 8,100.48 on July 27, 2016.

Today's finish is also nearer the all-time high of 8,127.48 posted on April 10, 02015.

The Broader All Shares gained 9.02 points or 0.19 percent to 4,790.60.

"There was a momentum of trade given the favorable news domestic and abroad," First Grade Finance Inc. managing director Astro del Castillo told GMA News Online.

"The government's commitment to the passage of the tax reform and the dovish statements from the Fed drove the market sentiment," Del Castillo said.

Foreign funds bought P3.136 billion of shares and sold P2.504 billion for a net buying position of P632.389 million.

More than 1.110 billion shares valued at P6.422 billion, changed hands. Advancers led decliners, 119 to 88, and 42 issues were unchanged.

Week-on-week, the PSEi gained 81.74 points or 1.02 percent from 7,989.73 on July 21. Year-to-date, it surged by 1,230.84 points or 17.99 percent from 6,840.63 on December 29, the last trading day of 2016. — VDS/KVD, GMA News