MANILA, Philippines — The stock market ended in positive territory yesterday after Fitch Ratings said the Philippine economy remains strong and would improve in the succeeding quarters.
Market investors cheered the news.
Thus, the benchmark Philippine Stock Exchange index (PSEi) gained 38.42 points or 0.48 percent to finish at 7,967.90.
Likewise, the broader All Shares index rose 18.37 points or 0.38 percent to finish at 4,804.82.
The rest of the sectoral gauges all closed in positive territory with the mining and oil gaining the most with a 1.28 percent increase.
Total value turnover was thin at P6.7 billion but market breadth was positive, 119 to 65 while 58 issues were unchanged.
“The local market gained 38.42 points after Fitch Solutions maintained the 6.1 percent Philippine growth forecast,” Philstocks Financials said.
Fitch Ratings said in a recent report that the Philippine economy would remain among the strongest in the region this year with a growth of 6.1 percent.
In a report on the APAC Sovereign Credit Review for the third quarter, the debt rating agency said the Philippine economy is expected to improve in the succeeding quarters.
“The agency is maintaining its full-year 2019 growth forecast of 6.1 percent, continuing to place the Philippines among the region’s fastest growing economies,” it said on Tuesday.
The economy grew by a slower 5.5 percent in the first half compared to the 6.3 percent growth recorded a year ago.