PSEi nears 7,000 after credit upgrade

Rappler.com

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Investors flocked to the stock market on the first trading day after international credit rating agency Fitch upgraded the Philippines to investment grade status

MANILA, Philippines (UPDATE) – Investors flocked to the stock market on the first trading day after international credit rating agency Fitch upgraded the Philippines to investment grade status.

A few minutes after the market opened on Monday, April 1, the Philippine Stock Exchange main index (PSEi) breached the 6,900 mark, a record first.

It also inched toward 7,000 when it hit 6,956.92, a new intraday record high. It was a very slim 4 points away from the new milestone.  

The PSEi later retreated to 6,839.598 at close, down 0.12% or 7 points as investors cashed in on profits.

Volume turnover reached 2.87 billion shares valued at P21.74 billion. Foreign buying reached P5.61 billion and foreign selling was at P4.99 billion.

Fitch announced the credit rating upgrade on Wednesday, March 27, the last trading day in the Philippines before the long Holy Week break. – Rappler.com

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