The local stock barometer gained for the fifth straight session Monday, bucking a regional downturn, buoyed by selective buying and the country’s recent investment grade rating from Moody’s.
The main-share Philippine Stock Exchange index added 52.73 points or 0.83 percent to close at 6,443.21.
Eagle Equities president Joseph Roxas said local stocks were getting a boost from the rating upgrade from Moody’s, which now made the Philippine sovereign investment grade based on the metrics of all three major global rating firms.
Value turnover stood at a modest P6.18 billion. There were 90 advancers, which beat 51 decliners, while 44 stocks were unchanged.
“The market was relatively thinly traded with action on locals picking up URC (+1.37 percent), which was sold at a 6.5-percent discount last Friday,” said Ricky Liboro, director of BPI Securities. “Consumer plays remain a favorite and picking up URC at a bargain was an easy choice.” URC—the most actively traded stock—accounted for P1.1 billion of the day’s volume. Doris C. Dumlao