PSEi rests 6,000 on renewed market optimism

Philippine 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, led by mining and oil, with a 4-percent jump.

Analysts said investor sentiment got boosted after S&P Global Ratings had affirmed the Philippines’ credit rating at 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.

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,” said Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp.

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However, Philstocks financial research manager Japhet Tantiangco said trading was “tepid” with 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.