PSEi breaches 8,800 level in morning trade

Share prices on the Philippine Stock Exchange breached the 8,800 level on the PSEi during the morning session on Friday.

The benchmark PSEi gained 90.93 points or 1.04 percent to close the morning session at 8,830.76. The broader All Shares increased by 42.18 points or 0.83 percent to 5,101.93.

“This is a continuation of the euphoria of the investing public amid their continued confidence on the country’s economy this year,” Summit Securities president Harry Liu told GMA News Online.

Investors are driven by optimism over the passage of the tax reform law, which the market expects to boost consumer spending and government spending, Liu said.

President Rodrigo Duterte signed the Tax Reform for Acceleration and Inclusion bill into law on Dec. 19, 2017, cutting the personal income tax and expanding the value-added tax base. — VDS, GMA News