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MANILA - (UPDATED 5:49 p.m.) The Philippine stock index on Tuesday rose for a third straight session to return above the 5,000 level after debt watcher Moody's Investors Services raised the country's credit outlook to positive.
At the Philippine Stock Exchange, the composite index rallied 70.37 points or 1.42 percent to close at 5,023.11.
Advancers led decliners, 109 to 43, while 45 issues were unchanged. A total of 1.22 billion stocks worth P5.25 billion changed hands.
"The credit outlook upgrade by Moody's and the government's roll out of public-private partnership projects contributed to the positive sentiment in the market," said Freya Natividad, investment analyst at 2TradeAsia.com.
Moody's raised the Philippines' credit outlook to positive from stable, laying the ground for a possible upgrade depending on the country's ability to spur revenues, decrease debt and ramp up investment spending.
News that state-run Government Service Insurance System will launch a multibillion-peso fund to support the government's infrastructure ventures also sustained buying momentum. This was reflected in the performance of the holdings sector, which rose by 2.39 percent, said Natividad.
For the rest of the week, the positive momentum may be sustained, barring negative news from the euro zone, she added.
Actively traded stocks were PLDT, GT Capital, Universal Robina, DMCI, and SM Investments.
Top gainers were Acesite, Asiabest Group, and Information Capital Technology Ventures, while the biggest losers were Filipino Fund, Anchor Land and Abra Mining.
The impeachment trial of Chief Justice Renato Corona had minimal effect on the market, Natividad said.
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