PSEi rises back to 7,200

Screengrab from https://www.pse.com.ph/

MANILA, Philippines—The local stock index rebounded sharply on Friday, retesting the 7,200 level, as investors took heart from a fresh sovereign credit rating from global credit watchdog Moody’s.

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

Apart from the credit rating upgrade, local stocks also benefited from an upbeat regional market, which in turn 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.

Turnover for the day amounted to P11.6 billion.

There were 128 advancers against 49 decliners while 44 companies were unchanged.

BDO, Bloomberry, Megaworld and Emperador led the PSEi’s rally, both rising by over 4 percent. ICTSI likewise rose by 3 percent while SMPH, URC, EDC, ALI, SMIC and Metrobank all jumped by over 2 percent.

AGI, PLDT, AC and GTCAP also gained by over 1 percent. JG Summit also advanced by 0.94 percent.

Outside of PSEi stocks, RRHI also surged by 7.32 percent.

MPI bucked the day’s upswing, declining by 3 percent.

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