Most local shares ended the trading week in the green amid investors’ fresh optimism on the possibility of the country securing a better credit rating despite the flood control mess.
The Philippine Stock Exchange Index (PSEi) added 0.89 percent, or 53.11 points, to close at 6,022.24.
The broader All Shares Index also climbed 0.85 percent, or 30.23 points, to 3,568.34.
All major sectors booked gains on Friday, with the mining and oil leading the pack with a 4-percent jump.
Analysts said investor sentiment got boosted after SandP Global Ratings had affirmed the Philippines’ long-term credit rating at triple B plus (BBB+) with a positive outlook, seeing the anemic third-quarter economic growth print as temporary.
The credit watcher cited ongoing fiscal consolidation, stabilized debt levels and a robust external position as factors helping the country achieve the much-coveted ‘A’ credit rating.
Growth story seen intact
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the latest review showed that the growth trajectory of the local economy ‘remain(s) intact despite geopolitical risks, Trump factor, local political noises recently.’
‘The PSEi moved higher today, supported by a more positive tone as investors welcomed the reaffirmed confidence in the country’s credit standing,’ Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., added in a separate message.
However, Philstocks financial research manager Japhet Tantiangco said trading was ‘tepid’ with net value turnover at P5.19 billion.
Converge ICT Solutions Inc. was the top index gainer, jumping 4.56 percent to P15.60.
Alliance Global Group, meanwhile, was the main laggard, falling 2.63 percent to P7.03.
The index closed with 115 advancers, 68 decliners and 59 unchanged stocks.