Investment grade rating drives PSEi to new record
MANILA, Philippines (UPDATED) - The Philippine Stock Exchange Index (PSEi) posted its 24th record high for 2013 after the Philippines received its first investment rate grading in history.
The PSE Index hit 6,847.47 points, up 182.35 points or 2.74% on Wednesday, March 27. This after the PSEi peaked at 6,872.14 on account of the country received its historic investment grade rating from Fitch Ratings.
View: INFOGRAPHIC: What a credit rating upgrade means for Filipinos
The All Shares index was at 4,234.31 points, up 70.60 points or 1.7%. Around 2.87 billion shares worth P12.92 billion changed hands at the local bourse on Wednesday.
There were 110 shares that advanced, 44 declined, and 35 remain unchanged.
Trading value reached P12.96 billion.
BDO Chief Market Strategist Jonas Ravelas said with the country's achievement of investment grade rating from Fitch, the Philippine stock market may close at around 7,000 points this year.
"Now there could be an immediate reaction to the stock market given the positive news of an investment grade. We can look at about 6,800, the recent high in the index. Now, if there could be another rating agency, either Moody's or S&P, to follow the granting of an investment grade to the country, my estimate would be at around 7,000," Ravelas said. - Rappler.com
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