PH stocks rise after Moody's upgrade
MANILA, Philippines (UPDATE) – Local stocks closed higher Thursday, October 3, reversing the morning session's losses, on news Moody's awarded the Philippines an investment grade rating.
The Philippine Stock Exchange benchmark index rose 25.39 points or 0.40% to 6,387.65.
The broader all-share went up 5.52 points or 0.14% to 3,842.32.
Except for the industrial and financial indices, all counters ended in positive territory.
Before market recess at noon, Moody's announced it upgraded the Philippines' credit rating to investment grade. The decision follows similar moves by two other global rating agencies Standard & Poor's and Fitch.
PSE president and CEO Hans Sicat welcomed the upgrade, calling it a "vote of confidence" in the country's strong macroeconomic fundamentals.
“Now that all 3 major rating agencies have an investment grade rating on the country, we are even more excited about the economic prospects of the Philippines," he said.
"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,” he added.
A total of 921 million shares worth P6 billion were traded Thursday.
Market breadth, however, was negative, with decliners outpacing gainers, 72 to 62. Some 52 stocks were unchanged.
Universal Robina Corporation, the most actively traded stock, went up 1.23% to P123 per share.
Alliance Global Group Inc. jumped 2.92% to P24.70.
Metropolitan Bank and Trust Company advanced 0.71% to P84.70. – Shadz Loresco, Rappler.com