PSEi surges past 7,200 after PH's 2nd investment grade rating
05/03/2013
MANILA -- The Philippine Stock Exchange index ended Friday's morning trade above the 7,200-level, surging past said mark after the Philippines was awarded another investment grade rating Thursday afternoon.
PSEi gained 1.69% or 120.04 points to 7,213.46 as of 12:00 noon, while the broader all-shares index went up 1.47% or 65.21 points to 4,489.80.
The PSE index trekked to as high as 7,230.40 during morning's trade, shortly after the market opened.
All sub-indices were in the green, led by the holding firms which rose 2.41% or 153.85 points to 6,542.89.
Most traded stocks during the period were Alliance Global Group Inc. whose shares climbed 3.73% to P25 apiece and Philippine Long Distance Telephone Co. whose shares increased 0.65% to P3,100.
Shares of LT Group Inc. (+4.09%), Metropolitan Bank & Trust Co. (+2.57%) and Manila Electric Co. (+2.57%) were also among the most traded on Friday morning.
Standard & Poor's on Thursday upgraded the country's sovereign credit rating to BBB- from BB+ and gave it a stable outlook. The debt watcher cited the Philippines' improving external profile, decreasing reliance on foreign currency-denominated debt, and manageable inflation, among others, for the move.
This is the second investment-grade rating the country received after Fitch Ratings in March gave it a BBB- with a stable outlook.
PSEi gained 1.69% or 120.04 points to 7,213.46 as of 12:00 noon, while the broader all-shares index went up 1.47% or 65.21 points to 4,489.80.
The PSE index trekked to as high as 7,230.40 during morning's trade, shortly after the market opened.
All sub-indices were in the green, led by the holding firms which rose 2.41% or 153.85 points to 6,542.89.
Most traded stocks during the period were Alliance Global Group Inc. whose shares climbed 3.73% to P25 apiece and Philippine Long Distance Telephone Co. whose shares increased 0.65% to P3,100.
Shares of LT Group Inc. (+4.09%), Metropolitan Bank & Trust Co. (+2.57%) and Manila Electric Co. (+2.57%) were also among the most traded on Friday morning.
Standard & Poor's on Thursday upgraded the country's sovereign credit rating to BBB- from BB+ and gave it a stable outlook. The debt watcher cited the Philippines' improving external profile, decreasing reliance on foreign currency-denominated debt, and manageable inflation, among others, for the move.
This is the second investment-grade rating the country received after Fitch Ratings in March gave it a BBB- with a stable outlook.
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