• Philippine stocks close week with minimal gains


    Following Thursday’s run-up, Philippine shares staged a modest trade in the last session for the week.

    The Philippine Stock Exchange index (PSEi) closed Friday’s trade 0.04 percent higher, or 2.83 points to 6,390.48, while the broader all-shares barometer went up 0.31 percent, or 12.04 points to 3,854.36.

    Jun Calaycay, Accord Capital Equities Corp. analyst, said that the PSEi showed on Friday that it can easily regain the 6,300-point handle, even making an attempt at 6,400 points in the absence of fears over external events. It has done so consistently since May.

    “Prior to that, of course, was an almost unchallenged rise to 31 new record closes,” Calaycay said.

    “To sum up the character of the market over the first three quarters, domestic conditions certainly impart bullish influences to trades while downside risks emerge from developments outside our borders which then fuel the bears,” he added.

    Except for industrial and services, majority of the sectoral indices managed to register modest gains.

    The financials counter went up by 0.81 percent, or 12.65 points to end at 1,581.74, followed by property counter, which went up 0.36 percent, or 8.81 points to 2,445.93. Holding firms and mining, and oil both lost by 0.01 percent.

    Industrial, however, went down by 0.28 percent, or 26.15 points to 9,311.15, while services lost 0.03 percent, or 0.67 points to 2,048.44.

    Some of the most actively traded stocks on Friday were Universal Robina Corp., JG Summit Holdings Inc., Puregold Price Club Inc. GT Capital Holdings Inc., Ayala Corp., Alliance Global Group Inc., Metro Pacific Investments Corp. and SM Investments Corp.

    Defying the shaky trend on the global side, the Philippines on Thursday secured a rating upgrade from international debt watcher Moody’s Investors Service, which was eventually felt on the country’s equities market and pushed the bellweather index higher.

    The benchmark index dropped to depths of 60 points in the morning session of Thursday’s trade, but clawed back minutes before Moody announced the last of three expected ratings upgrade for the Philippines.

    Moody’s lifted the country’s credit rating to “Baa3,” the lowest investment grade. Earlier in the year, Fitch Ratings Inc. and Standard and Poor’s raised their respective grades for Philippine debt papers.


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