Investment Grade Rating Fuels PH Stocks Rally

??????????????????Manila—(PHStocks)—Philippine stocks continued their surge to hit a new record as the country gets its first-ever investment grade rating. The benchmark Philippine Stock Exchange (PSE) index went up by 2.74% or 182.35 points to reach 6,847.47 today, 27 March, as international credit ratings agency Fitch Ratings upgrades the Philippines to investment grade amid stable outlook.

Fitch upgraded the Philippines’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to BBB- from BB+, while the Long-Term Local-Currency IDR has been upgraded to BBB from BBB-. The outlooks on both ratings are Stable. The agency has also upgraded the Country Ceiling to ‘BBB’ from BBB- and the Short-Term Foreign-Currency IDR to F3 from B.

All counters were up except for the Mining and Oil index, which declined by 0.06%. The gainers were led by the Property segment, which grew by 3.88%. The Services sector gained 2.41%, while the Industrials went up by 2.28%. The wider All Shares index, meanwhile, edged higher by 1.7%.

Trading was heavy today, with value turnover reaching PhP12.92 billion on 2.29 billion shares traded. There were 110 gainers and 44 decliners, while 35 stocks remained flat.

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Among the most active stocks are BDO Unibank Inc. (PSE: BDO), Philippine Long Distance Telephone Co. (PLDT, PSE: TEL), Ayala Corp. (PSE: AC), SM Investments Corporation (SMIC, PSE: SM), and Universal Robina Corporation (PSE: URC).

Below are the top gainers for the day:

Below are the biggest losers:

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3 thoughts on “Investment Grade Rating Fuels PH Stocks Rally

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