MANILA, Philippines — The Philippine stock market ended with no fireworks yesterday, except for some last-minute buying as investors are still digesting the policy directions laid out in President Marcos’ first State of the Nation Address.

The benchmark Philippine Stock Exchange Composite index (PSEi) was up slightly by 13.47 points or 0.22 percent to close at 6,223, while the broader All Shares index was also up by 5.22 points or 0.16 percent to end at 3,364.99.

The sectoral gauges were mixed with holding firms, services, industrial and mining and oil ending in positive territory.

“Philippine shares were bought up at closing as investors are bracing for an onslaught of mega-cap tech earnings and economic data this week, as well as the outcome of the Federal Reserve meeting, which will help Wall Street direct its expectations for the rest of the year, “ said Luis Limlingan of Regina Capital.

He said traders are anticipating the US Fed to raise interest rates by up to three-quarters of a percentage point.

“Back home, President Marcos, on his first SONA, gave his word to pass tax reform measures. Marcos pitched for a VAT on digital services, which he said would initially generate P11.7 billion in revenues if implemented in 2023. Business groups are welcoming this idea, saying that this would bring online merchants on equal footing with physical retailers on tax burdens,” Limlingan said.

Marcos also reiterated his push to rightsize government, which is expected to enhance the government’s institutional capacity to perform its mandate and provide better services but with more efficient use of resources.

Share prices of Dennis Uy’s listed companies recovered after holding company Udenna Corp. clarified that it did not default on its loans to Clark International Airport Corp.

Phoenix Petroleum was up by 12.17 percent to close at P9.77 per share and so was Chelsea Logistics and Infrastructure Holdings Corp. which rose by 8.04 percent to P1.21 per share. DITO CME Holdings Corp. was up 0.25 percent to P3.95 per share.

Asian stock markets were mostly higher yesterday as investors braced for another sharp interest rate hike by the Federal Reserve to cool inflation.