Philippine shares climbed past 7,300 points to near record highs at the start of the trading week as the sluggards tried to catch some of the remaining momentum from last week’s advance driven by a spate of good news.
Last Tuesday the South Korea-based National Information and Credit Evaluation (NICE) Ratings Inc. announced it has upgraded the Philippines’ long-term foreign currency rating by a notch to the minimum investment grade of BBB-. The following day, the World Economic Forum (WEF) said the Philippines had climbed seven notches to the 52nd spot out of 144 economies in the WEF Global Competitiveness Index for 2014-2015.
Another market-friendly news followed Thursday, with Moody’s Analytics releasing a new report saying global economic growth is expected to shift to a higher gear at above 3 percent in 2015.
“It seems like the momentum is still there. Investors continued to gain interest in the market … because of the string of the good news last week,” del Castillo said.
Astro del Castillo, managing director at First Grade Finance Inc., said the global markets also contributed to the local market’s gains, particularly as the Dow Jones Industrial Index on Wall Street showed an uptrend.
The benchmark Philippine Stock Exchange index rose 0.71 percent or 51.36 points to close Monday’s trade at 7,314.94, after hitting an intraday high of 7,333.14. The index neared its all-time high of 7,392.2 recorded in May 2013.
The All Shares index gained 0.66 percent or 28.50 points to 4,318.86. KRISTYN NIKA M. LAZO