Philippine stocks up on credit rating upgrade buzz
Philippine stocks rose in active trading Tuesday, boosted by speculations about a credit rating upgrade from Moody’s Investors Service.
“We started slow, but news of that Moody’s might the Philippines a credit rating upgrade” allowed the market step up its tempo, said Ghia Yuson, research analyst at First Metro Securities Brokerage Corp.
The main Philippine Stock Exchange index gained 30.58 points or 0.61 percent to close at 5,005.75.
Over 5.937 billion shares valued at P8.446 billion were traded during the morning and afternoon session.
Advancers led decliners 91 to 77, while 39 issues closed unchanged.
The fact that other markets in the region were up helped place the sentiment among Philippine investors on the upbeat, said Yuson.
“And the volume was pretty good, compared with the turnover since last week,” she added.
Moody’s said in a report the gains made by the Philippines on fiscal reforms and debt reduction will likely continue this year.
“We expect tax revenues to continue improving owing to administrative measures to further enhance compliance, and a legislative agenda that aims to increase certain excise taxes and reduce extraneous fiscal incentives for investment,” said Moody’s assistant vice president and analyst for Sovereign Risk Group Christian de Guzman.
“Asian markets rose on Tuesday with traders expecting the final go-ahead for Greece's second bailout soon, while they also had their eyes on key central bank meetings in Japan and the United States,” according to an Agence France-Presse report.
“German Finance Minister Wolfgang Schaeuble lifted spirits when he said on Monday that the remainder of a multi-billion-euro package of loans from eurozone governments under a second Greek bailout would be signed off this week,” the French news agency added. — TJD, GMA News
“We started slow, but news of that Moody’s might the Philippines a credit rating upgrade” allowed the market step up its tempo, said Ghia Yuson, research analyst at First Metro Securities Brokerage Corp.
The main Philippine Stock Exchange index gained 30.58 points or 0.61 percent to close at 5,005.75.
Over 5.937 billion shares valued at P8.446 billion were traded during the morning and afternoon session.
Advancers led decliners 91 to 77, while 39 issues closed unchanged.
The fact that other markets in the region were up helped place the sentiment among Philippine investors on the upbeat, said Yuson.
“And the volume was pretty good, compared with the turnover since last week,” she added.
Moody’s said in a report the gains made by the Philippines on fiscal reforms and debt reduction will likely continue this year.
“We expect tax revenues to continue improving owing to administrative measures to further enhance compliance, and a legislative agenda that aims to increase certain excise taxes and reduce extraneous fiscal incentives for investment,” said Moody’s assistant vice president and analyst for Sovereign Risk Group Christian de Guzman.
“Asian markets rose on Tuesday with traders expecting the final go-ahead for Greece's second bailout soon, while they also had their eyes on key central bank meetings in Japan and the United States,” according to an Agence France-Presse report.
“German Finance Minister Wolfgang Schaeuble lifted spirits when he said on Monday that the remainder of a multi-billion-euro package of loans from eurozone governments under a second Greek bailout would be signed off this week,” the French news agency added. — TJD, GMA News
No comments:
Post a Comment