S&P upgrade lifts index past 8,000-mark
Iris Gonzales (The Philippine Star) - May 3, 2019 - 12:00am

MANILA, Philippines — The stock market cheered the recent rating upgrade given by Standard & Poor’s to the Philippines.

The benchmark Philippine Stock Exchange index (PSEi)gained 48.85 points, or 0.61 percent, to breach the 8,000 mark. It ended at 8,001.57.

Likewise, the broader All Shares index finished higher by 23.33 points or 0.47 percent to end at 4,912.89.

The indices mostly ended in positive territory except for the property and the mining and oil.

Total value turnover was likewise robust at P8.172 billion. Market breadth was positive, 109 to 81 while 52 issues were unchanged.

Traders said the index was boosted by S&P’s credit rating upgrade as the market’s reaction was late because of the Labor Day holiday.

S&P Global Ratings on Tuesday raised the Philippines’ credit rating by a notch, citing strong fundamentals.

It noted above-average growth and strong external and fiscal position which have boosted the country’s economic profile.

Specifically, the debt watcher raised the country’s long-term sovereign credit rating to “BBB+” from “BBB.”

This means the Philippines is now closer to getting a single “A” grade.

S&P assigned a “stable” outlook to the rating, which means it expects to maintain its grade in the next six months to two years as the economy is likely to remain strong over the medium term.

Universal Robina Corp. (URC) was among yesterday’s gainers after reporting a three percent growth in net income to P3.1 billion, marking a good start for the year.

URC has a strong net foreign buying of P265 million.

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