MANILA, Philippines (UPDATED) – The main index of the Philippine Stock Exchange soared to new highs on Friday, May 3, after debt watcher Standard & Poors upgraded the credit rating of the Philippines to investment grade level.
For the first time, the PSEi breached the 7,200 level by 9:33am, a few minutes after the stock market opened.
It continued soaring, touching 7,230.4 — a new intraday record — at 9:52am as investors reacted to the newest vote of confidence in the Philippines. S&P announced the upgrade after trading hours on May 2.
The PSEi eventually closed at 7,215.35, up 121.93 points or 1.72%. This is the 28th time the index has broken records this 2013.
All indices are in the green, led by holding firms which gained 2.42%.
The PSEi is one of the world’s best performing, with CNN counting the local index’s over 20% year-on-year hike as among the Top 5 in the world.
The index breached 7,000 and 7,100 levels on April 22 following healthy corporate income announcements. – Rappler.com