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