Shares breach 8,400 at close for first time


Posted at Oct 12 2017 04:18 PM

MANILA - Philippine shares closed past the 8,400 level for the first time on Thursday, setting another record high as investors anticipated strong third quarter earnings.

The Philippine Stock Exchange Index ended the trading day up 0.53 percent to 8,402.81. The 8,400-level was breached in intra-day trading last week.

Traders were also closely watching for progress on President Rodrigo Duterte's tax reform program. Senators have not passed their version of the measure ahead of their break starting Saturday.

"From the indicators we are seeing, I think the third quarter can be a positive surprise on the upside and that flows into the fourth quarter," ATR Asset Management chief investment officer Phillip Hagedorn said.

The market's advance has "more room to go" and the main index could reach 8,500 points towards the end of the year, Hagedorn told ANC's Market Edge with Cathy Yang.

"What could stall the move is more delays in this tax plan package," he said.

A yield of "anything below" P100 billion from tax reform may "raise questions" as this could put pressure on the deficit, Hagedorn said.