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Philippine shares advance, shrugging off resignation of national treasurer

Philippine shares advance, shrugging off resignation of national treasurer

Philippine shares advanced Wednesday, tracking a rise on Wall Street, as investors appeared to shrug off concerns over the sudden resignation of the national treasurer.
The benchmark 30-company Philippine Stock Exchange Index gained 17.50 points, or 0.5 percent, at 3,309.43, after losing 0.8 percent Tuesday.
President Gloria Macapagal Arroyo on Wednesday accepted the resignation of National Treasurer Omar Cruz, who quit for family reasons, presidential spokesman Ignacio Bunye said.
Cruz played a key role in promoting fiscal discipline and helping the Philippines reduce its budget deficit.
J.P. Morgan said the resignation took the market by surprise and is not likely to be taken well. However, S&P associate director for sovereign ratings Agos Benard denied the move will have any impact on the country's ratings.
DA Market Securities President Nestor Aguila said recent fiscal reform measures have boosted revenues and cut down the budget deficit.
Philippine Long Distance Telephone Co. led advancers, up 1.6 percent at 2,570 pesos in line with a rise in the company's American depository receipts.
Decliners led gainers 66 to 45, while 52 stocks were unchanged.
The peso rose to a new six-year high against the U.S. dollar, which retreated on sluggish corporate dollar demand in the afternoon after rising in early session in knee-jerk reaction to Cruz's resignation.
The dollar closed at 47.455, down from 47.530 on Tuesday.


Updated : 2021-10-18 23:05 GMT+08:00