PSEi up on PH's 3rd investment grade rating
MANILA, Philippines - Philippine shares extended their rally on Thursday, boosted by the rating upgrade from Moody's.
The index was up 0.40% to close at 6,387.65. The PSEi reached an intraday high of 6,418.15, after Moody's announced it raised the Philippines' rating to investment grade.
"Now that all three major rating agencies have an investment grade rating on the country, we are even more excited about the economic prospects of the Philippines. The investment grade rating is a vote of confidence in the fundamental strengths of the economy. As investors train their eyes on us, we hope to continue to interest them behind the growth outlook of our listed companies and the variety of investment products that we will soon be offering," said PSE President and Chief Executive Officer Hans B. Sicat.
The day's gainers included Universal Robina, which jumped 1.23% to P123; Alliance Global, which rose nearly 3% to P24.70; and Metrobank, whichw as up 0.71% to P84.70.
At the foreign exchange market, the peso strengthened by 32 centavos, closing at 43.08 against the dollar.- With ANC