PSEi breaches 7,200-level, attains record high in morning trade

Philippine shares breached the 7,200-level, an all-time high, a few minutes after Friday's market open on the back of an investment grade from debt-watcher Standard & Poor's Ratings Services late Thursday.

 

"We're doing well today as (PSEi is) up 1.93 percent before 10 a.m., an effect of the late afternoon investment grade we got from S&P," Arlysa Narciso, analyst at AB Capital Securities, Inc., told GMA News Online.

 

"The confidence on stronger economy will reflect in the market. With the investment grade, more investments are expected to come in," she added.

 

The benchmark PSEi added 96 points or 1.36 percent to 7,190.22 at market open. It reached 7,230.40, up 137 points or 1.93 percent as of 9:52 a.m., surpassing record high of 7,120.48 on April 22.

 

All indices are in the green, led by holding firms which gained 2.23 percent as of 10:06 a.m.

 

More than 1.3 billion shares valued at P2.26 billion were traded. Advancers outnumbered decliners 110 to 24, while 15 stocks were unchanged.

 

Narciso said optimism will last until afternoon trade. 

 

"While the upgrade was highly anticipated to happen within 12 months after Fitch’s move, expect positive momentum to follow-through today as market participants digest the news," First Metro Securities Research noted in its daily report. —KG, GMA News