SHARE prices recovered on Monday with the bellwether Philippine Stock Exchange index (PSEi) returning to the 8,400 level with a 1 percent gain. The PSEi added 85.78 points or 1.03 percent to close at 8,422.82. “It might [have mirrored]regional counterparts since there was no [relevant]news domestically except the tax reform,” COL Financial Group, Inc. research head April Tan said. The Hang Seng index rose 0.7 percent and the Shanghai composite inched up 0.05 percent, tracking fresh records on Wall Street where investors cheered news that the US Senate would approve corporate tax cuts. On the domestic front, share prices are expected to receive a boost after the proposed Tax Reform for Acceleration and Inclusion Bill is signed into law today by President Rodrigo Duterte.

Source: Manila Times December 18, 2017 16:18 UTC