Philippine share prices inch up on tax collection report

By: Darwin G. Amojelar, InterAksyon.com
April 23, 2012 3:39 PM

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(UPDATE as of 4:39 p.m.) MANILA, Philippines - Philippine share prices inched up on Monday, cheered on by the year-on-year increase in tax revenue collections.

The Philippine Stock Exchange index (PSEi) rose 6.63 points or 0.13 percent to 5,163.09. Losers however dominated gainers, 66 to 88, while 51 stocks were unchanged. Total volume traded reached 1.78 billion worth P5.02 billion.

AB Capital Equities said cheering the market was the Bureau of Internal Revenue's (BIR) annoucement of a 14.78 percent increase in tax collections in the first quarter of 2012.

The BIR raised P229.04 billion this year, below the P232.67 billion target, but P29.5 billion more than the collections made in the same three-month period last year.

"Trading saw relatively tepid compared to previous sessions with value and volume turnover falling below averages," Jun Calaycay of Accord Capital Equities Corp. said.

"Dragged by talks of an impending major correction in the post earnings season and an early weakness by peers in the region, investors booked profits, capping an early surge in the index," Calaycay said.

The industrial sector posted the highest increase, rising 0.21 percent to 7,910.78. The mining and oil sector went up 0.86 points to 25,599.61.

Holding firms rose by 16.77 points to 4,365.14, while the property sector added 6.19 to 1,1,939.51. Financials and services fell 3.27 points and 0.54 points to 1,299.52 and 1,699.33, respectively.

"With the little changes in the fundamental front, and earnings still in full swing, the index will make attempts towards the 5,200 resistance while holding the 5,130-support, " Calaycay said.

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