Share prices continue to rise
Local stocks trekked higher for the fifth straight session Thursday as investors correctly anticipated an investment grade rating for the Philippines from a second global credit agency.
After a sluggish opening brought on by a slump on Wall Street, the main-share Philippine Stock Exchange index added 22.43 points, or 0.32 percent, to close at 7,093.42.
The index hit an intraday high of 7,108.28—close to the all-time peak of 7,120.48 recorded on April 22—as investors gambled on another credit upgrade.
Dealers said the index moved higher close to the end of the session on news that a second investment grading rating would be announced soon.
This development managed to offset the “sell in May-go away” mind-set of dealers that crept early in yesterday’s session.
But it was not until after the close of trading hours that the upgrade by S&P was confirmed. The rating firm issued a sovereign credit rating of BBB-, revising its old rating of BB+.
The day’s biggest index gainers were ICTSI (+1.63 percent), Belle (+1.23 percent), JG Summit (+0.84 percent), Bloomberry (+0.83 percent) and RLC (+0.78 percent).
MWC, Meralco, FGen and Globe Telecom also contributed to the day’s gains.
The gains made by the services subcounter (+1.47 percent), along with the financial, industrial and holding firm counters, made up for the decline in mining/oil and property counters.
Value turnover amounted to P8.6 billion. There were 103 advancers against 68 decliners, while 36 issues were unchanged. Doris C. Dumlao
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.