PSEi hits new record after credit upgrade

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 benchmark index also hit a new intraday peak after the Philippines won its first investment grade on March 27 from another international debt watcher Fitch Ratings. 

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