Large-cap firms SM Prime Holdings (+4.58 percent to P22.85) and Ayala Land Inc. (+5.13 percent to P23.55) were the most traded stocks as the implementing rules of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) were signed.
“The PSEi rose 1.69 percent as investors welcomed the CREATE MORE Act, which aims to attract foreign firms and boost key sectors,” BPI Trade, the online stock brokerage unit of the Bank of the Philippine Islands, said in a note to investors.
“Despite the rally, foreign funds remained net sellers at P200 million, while trading activity stayed low at P4.7 billion. Market breadth improved, with 101 advancers outpacing 72 decliners,” it added.
After signing the CREATE MORE implementing rules, the government is set to launch investment roadshows abroad, starting in South Korea next month, followed by the US in April, with stops in Japan, China, Europe, and the Middle East.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
