PSEi jumps on Moody’s upgrade

The local stock barometer rebounded sharply Friday, retesting the 7,200 level, as investors took heart from a fresh sovereign credit-rating upgrade from global credit watchdog Moody’s.

The Philippine Stock Exchange index (PSEi) racked up 152.11 points or 2.15 percent to close at 7,224.21, ending a five-day slump. All counters surged but the financial, services and property counters led the upswing, all rising more than 2 percent.

Apart from the credit-rating upgrade, local stocks also benefited from an upbeat regional market, which was buoyed by favorable US data on

retail sales and unemployment claims. As such, dealers said those who were awaiting fresh incentives to load up on equities found opportunities to re-enter the market.

Value turnover for the day amounted to P11.6 billion. There were 128 advancers that eclipsed 49 decliners while 44 companies were unchanged. Doris C. Dumlao