Monday, October 7, 2013

PSEi up for a 5th session

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5:05 pm | Monday, October 7th, 2013



MANILA, Philippines–The local stock barometer gained for the fifth straight session on Monday, bucking a regional downturn, and buoyed by selective buying and the country’s recent investment grade rating from Moody’s.


The main-share Philippine Stock Exchange index added 52.73 points or 0.83 percent to close at 6,443.21.


Eagle Equities president Joseph Roxas said local equities were getting a boost from the rating upgrade from Moody’s, which now made the Philippine sovereign investment grade based on the metrics of all three major global rating firms.


Value turnover stood at a modest P6.18 billion. There were 90 advancers which beat 51 decliners while 44 stocks were unchanged.


The day’s biggest PSEi gainer was SMIC (+3.65 percent) while Philex, RLC and SM Prime all advanced by over 2 percent. SMC, AC, JG Summit, DMCI and ALI rose by over 1 percent.


JG Summit last week struck a deal to buy SMC’s remaining 27 percent stake in Meralco for P72 billion. On Friday, it raised P12 billion from the sale of shares in URC.



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Tags: Business , stocks



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