PH Stocks Flat After Profit Taking

PHStocks 04/10/201308/10/2013 0 Comments AAA, ADB, AGI, ALCO, Alliance Global, Anglo Philippine Holdings, APO, ARA, Araneta Properties, Arthaland, Asia Amalgamated, Asian Development Bank, ATR Kim Eng, Ayala, BCB, BDO, Benguet, BHI, Boulevard Holdings, Cosco Capital, GT Capital, GTCAP, HLCM, Holcim, iRipple, JG Summit, JGS, LCB, Lepanto Consolidated, MAKE, Manulife, MARC, Marcventures, Maybank, Metro Pacific Investments, MFC, MJCI Investments, MJIC, Moody's, MPI, OPM, Oriental Petroleum, PGOLD, Primex, PRMX, Puregold, REG, Republic Glass, RFM, RPL, SM Investments, Suntrust, TKC Steel, Universal Robina, URC

Manila—(PHStocks)—Philippine stocks ended the trading week nearly flat as investor lock in their gains after the market surge on Wednesday on Asian Development Bank’s (ADB) revised forecast on the country’s economic growth.

ADB forecasts the Philippines’ economy to grow by 7 percent—up from the previous 6 percent—while lowering those for the rest of Southeast Asia.

Meanwhile, on Thursday, 3 October, Moody’s Investors Service—one of the big three credit ratings firms in the world—gave the Philippines its third investment grade rating amid the country’s current economic growth track, ongoing fiscal and debt consolidation, political stability and improved governance. Moody’s raised the Philippines government debt rating one level to Baa3.

The benchmark Philippine Stock Exchange index (PSEi) lost as much as 55.72 points in the morning session before trading recovered, resulting in a nearly flat 2.83-point gain. The PSEi closed this week’s session at 6,390.48.

On sectoral basis, gains are also minimal. The Financials gained only 0.81%, while the Property sector increased by just 0.36%. On the other hand, the Industrials (-0.28%) and the Services (-0.03%) indexes were on the losing end.