Market rallies after Moody's upgrade
MANILA, Philippines - The investment grade status the Philippines received from Moody's Investors Service propelled the Philippine Stock Exchange (PSE) to positive territory on Thursday.
The benchmark PSE index closed 0.4 percent or 25.39 points higher at 6,387.65. This brings the main index's year-to-date gains to 9.9 percent. Intraday, the local bourse hit 6,418.15.
“Now that all three major rating agencies have an investment grade rating on the country, we are even more excited about the economic prospects of the Philippines. The investment grade rating is a vote of confidence in the fundamental strengths of the economy. As investors train their eyes on us, we hope to continue to interest them behind the growth outlook of our listed companies and the variety of investment products that we will soon be offering,â€PSE President and Chief Executive Officer Hans Sicat said.
The broader all shares index similarly grew, adding 5.52 points or 0.14 percent to close at 3,842.32.
Four subindices advanced, led by the holding firms. The financials and industrial subindices dipped, on the other hand.
Total volume reached 921.63 million, valued at P6.11 billion.
Decliners outpaced gainers 72 to 62, while 52 issues were unchanged.
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