Market cheers Philippines rise to upper-middle income status

MANILA, Philippines — The local stock market advanced for a second consecutive session as investors cheered positive macroeconomic developments, including the Philippines’ ascent as an upper-middle income economy.

The bellwether Philippine Stock Exchange index jumped by 0.93 percent or 56.46 points to cap off yesterday’s session at 6,125.72.

The broader All Shares index likewise rose by 0.55 percent or 18.25 points, settling at 3,343.03.

“The local bourse maintained its bullish stride through the closing bell as investors continued to selectively add risk following the stronger-than-expected June PMI reading, improving geopolitical sentiment in the Middle East and a more stable macro backdrop amid easing oil prices,” First Metro Securities said.

RCBC chief economist Michael Ricafort also attributed yesterday’s positive market performance to the World Bank finally raising the Philippines to upper-middle income country status, which he said “could somewhat help increase investments and credit into the country at better terms.”

All sectors closed in the green, except for the industrial index, which slipped by 0.11 percent. Mining & oil posted the largest gain at 2.45 percent, followed by services, which grew by 1.16 percent.

Total turnover value improved to P5.52 billion from the previous day’s P4.63 billion.

Advancers overpowered decliners, 98 to 87, while 47 issues were unchanged.

ICTSI remained the most actively traded stock, climbing by 1.44 percent to P913 per share, followed by Jollibee and BDO, which surged by 6.29 percent and 1.09 percent, respectively, to P148.80 and P120.30.