MANILA – The country’s recent credit ratings from global debt watchers boosted the local stock market and currency on Tuesday.
The Philippine Stock Exchange index (PSEi) closed the day inching near the 7,000 mark at 6,973.41, or 0.16 percent higher than its finish on Thursday.
All Shares likewise improved by 0.31 percent to 3,761.28.
The local bourse ended in the green territory despite most of the sectoral indices closing in the red, with the biggest losses coming from Services, down by 0.40 percent. This was followed by Holding Firms (0.33 percent), Financials (0.05 percent), and Industrial (flat).
The day’s gainers include Property and Mining and Oil, whose shares increased by 2.72 and 0.12 percent, respectively.
Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said the PSEI’s improvement was on the back of Moody’s affirmation of its Philippine investment-grade credit rating of Baa2.
Earlier, Japanese credit watcher Rating and Investment Information, Inc. (R&I) upgraded its rating for the Philippines to A- with a stable outlook.
Advancers led losers on Tuesday at 110 to 94, with 51 left unchanged.
Meanwhile, the Philippine peso closed slightly better than on Tuesday at 56.28 to the US dollar from last week’s closing of 56.33 to the dollar.
The peso opened the day at 56.22 before trading between a low of 56.17 and a high of 56.31.
The day’s average stood at 56.25 to the greenback.
Trade volume was flat at USD1.59 billion.
“The US dollar-peso exchange rate continued to ease or improve for the fifth consecutive trading day,” Ricafort said.
“The peso also strengthened after the continued gains in the local stock market to new highs in nearly five months or since April 3, 2024 and the recent rollback in local fuel pump prices as global crude oil prices still hovered among 2.5-year lows and also among 2.5-year lows recently,” he added.
For Wednesday, Ricafort forecasted the peso-dollar exchange rate to range from 56.20 to 56.40. (PNA)
