PHL stocks trend higher still on S&P credit rating upgrade, Wall Street gains

Philippine share prices continued to climb Wednesday, as investors stayed focused on the credit rating upgrade given by Standard & Poor's late last week and the record gains carved overnight by US markets.
 

The main PSEi was up 40.72 points or 0.59 percent to 6,893.53 as of 10:43 a.m. The All Shares index increased by 16.46 points or 0.40 percent to 4,152.44.

 

"This is a continuation of the rebound of the market from a correction, boosted by the recent upgrade from Standard & Poor's," A&A Securities Inc. operations head Jeng Calma told GMA News Online.

 

On Tuesday, the index retraced an eleven-month high – still on Standard & Poor's latest credit rating upgrade that placed Philippine sovereign debts a notch above investment grade last Thursday.

 

The record close of the Dow and the S&P 500 also gave the market an added boost, Calma said.

 

Overnight, The Dow Jones industrial average rose 19.97 points to 16,715.44, its third straight record closing high, while the S&P 500 gained 0.8 of a point to 1,897.45, its second straight record closing high, Reuters reported. – VS, GMA News