Philippine share prices on Friday rebounded from a five-day losing streak with the benchmark index returning above the 7,200 mark, as investors found reason to take positions following the upgrade in the country's credit rating.
At the Philippine Stock Exchange, the composite index surged 152.11 points, or 2.15 percent, to close at 7,224.21. The main gauge cut weekly losses to 0.1 percent after losing as much as 2.19 percent before today.
All counters gained at least 1.2 percent with the services, property and financials rising more than 2 percent each.
Advancers beat decliners, 128 to 49, while 44 issues were unchanged. A total of 1.81 billion shares worth P11.61 billion changed hands.
The most actively traded stocks were SM Prime, Universal Robina, BDO, EDC and Alliance Global. The top gainers were Bogo Medellin, Philweb and Republic Glass, while the biggest losers were Island Information, Jackstones and Anchor Land.
"The push is mainly propelled by the positive sentiment from the credit rating upgrade of Moody's. Technically, the market is ripe for a rebound, and coincidentally, the upgrade happened," said Alexander Adrian Tiu of AB Capital Securities Inc.
After the close of Thursday trades, Moody's Investors Service raised the Philippines’ debt rating by a notch to "Baa2" from "Baa3," while assigning a "stable" outlook.
Before today’s session, local equities have been on a five-day losing streak that dragged the PSE index below the 7,100 mark, with investors nearly giving up on the possibility of the composite index retesting all-time high levels before yearend.
"There's a chance of a late push given the positive sentiment but we still have to take into account that in terms of technicals, we're still in bear market territory. In terms of fundamentals, this could be the push the market needs," Tiu said.
Also yesterday, the Bangko Sentral ng Pilipinas decided to maintain its benchmark rates to further boost positive sentiment, said Jason Escartin of 2TradeAsia.com.
"Also, positive economic data coming from the US may provide some support following the market’s rout in the previous session due to the continued decline in oil prices," Escartin said.
US stocks recovered last night as November sales of US retailers grew at their fastest pace in eight months. However, the rally lost steam due to a renewed slide in oil prices.
The Dow Jones Industrial Average rose 63.19 points, or 0.4 percent, to 17,596.34 after gaining by as much as 216 points. The Standard & Poor’s 500 Index inched up 8 points, or 0.4 percent, to 2,034.
- Interaksyon
At the Philippine Stock Exchange, the composite index surged 152.11 points, or 2.15 percent, to close at 7,224.21. The main gauge cut weekly losses to 0.1 percent after losing as much as 2.19 percent before today.
All counters gained at least 1.2 percent with the services, property and financials rising more than 2 percent each.
Advancers beat decliners, 128 to 49, while 44 issues were unchanged. A total of 1.81 billion shares worth P11.61 billion changed hands.
The most actively traded stocks were SM Prime, Universal Robina, BDO, EDC and Alliance Global. The top gainers were Bogo Medellin, Philweb and Republic Glass, while the biggest losers were Island Information, Jackstones and Anchor Land.
"The push is mainly propelled by the positive sentiment from the credit rating upgrade of Moody's. Technically, the market is ripe for a rebound, and coincidentally, the upgrade happened," said Alexander Adrian Tiu of AB Capital Securities Inc.
After the close of Thursday trades, Moody's Investors Service raised the Philippines’ debt rating by a notch to "Baa2" from "Baa3," while assigning a "stable" outlook.
Before today’s session, local equities have been on a five-day losing streak that dragged the PSE index below the 7,100 mark, with investors nearly giving up on the possibility of the composite index retesting all-time high levels before yearend.
"There's a chance of a late push given the positive sentiment but we still have to take into account that in terms of technicals, we're still in bear market territory. In terms of fundamentals, this could be the push the market needs," Tiu said.
Also yesterday, the Bangko Sentral ng Pilipinas decided to maintain its benchmark rates to further boost positive sentiment, said Jason Escartin of 2TradeAsia.com.
"Also, positive economic data coming from the US may provide some support following the market’s rout in the previous session due to the continued decline in oil prices," Escartin said.
US stocks recovered last night as November sales of US retailers grew at their fastest pace in eight months. However, the rally lost steam due to a renewed slide in oil prices.
The Dow Jones Industrial Average rose 63.19 points, or 0.4 percent, to 17,596.34 after gaining by as much as 216 points. The Standard & Poor’s 500 Index inched up 8 points, or 0.4 percent, to 2,034.
- Interaksyon
No comments:
Post a Comment