PHL stocks ride to new all-time high on S&P upgrade

(Updated 5:52 p.m.) Shares on the Philippine Stock Exchange rallied to a new all-time high on Thursday, driven by the Standard & Poor’s rating upgrade of Philippine sovereign debt a step closer to investment grade.  The rally was led by fund managers whose confidence was boosted by the Standard and Poor’s “BB+” rating for the country’s long-term foreign currency denominated debt, said to Freya Natividad, head of research at F. Yap Securities Inc. “The key driver is the upgrade,” she said. Justino Calaycay Jr., an analyst for Accord Capital Equities Corp., said there is confidence now that the market  is in “uncharted territory” with margins substantial for investors to book in their profits.    The main PSEi rose 15.26 points to 5,369.98, breaking the previous record of 5,365.70 last Tuesday.   Over 2.412 billion shares valued at P5.196 billion were traded.   Gainers led losers 91 to 59, with 50 issues unchanged. In the year-to-date, the market has gained more than 20 percent, Calaycay added. — VS, GMA News