Local markets rise after PH’s ratings upgrade

Local markets rise after PH’s ratings upgrade

- in Economy
By Joann Villanueva, PNA

MANILA — Both the Philippine peso and the Philippine Stock Exchange index (PSEi) resumed trading on a high note Thursday, two days after S&P Global Ratings’ unprecedented upgrade of the country’s investment grade rating to ‘BBB+” with Stable outlook.

The local currency finished the day at 51.87, better than its 52.105 close last Tuesday. There was no trading on Wednesday because of the Labor Day holiday.

It opened the day at 51.77 from 52.1 in the previous session.

It traded between 51.87 and 51.945, resulting in an average of 51.82.

Volume reached USD1.246 billion, lower than the USD1.403 billion last Tuesday.

Relatively, the main equities gauge finished 0.61 percent, or 48.85 points, higher to 8,001.57 points.

All Shares posted an uptick of 0.48 percent, or 23.33 points, to 4,912.89 points.

However, the sectors were divided, with Industrial, Services, Financials and Holding Firms rising by 1.64 percent, 1.41 percent, 0.86 percent, and 0.40 percent, respectively.

On the other hand, Property fell by 0.25 percent and Mining and Oil by 0.15 percent.

Volume reached 746.08 million shares amounting to PHP8.2 billion.

Advancers led decliners at 109 to 81 while 52 shares were unchanged. (PNA)

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