Share prices on the Philippine Stock Exchange recovered sharply at the end of the morning session Thursday after Moody's Investors Service raised Philippine sovereign credit rating to investment grade.
The main PSEi was up 32.23 points or 0.51 percent to 6,394.49 at the noon recess. The broader all-shares index added 12.12 points or 0.32 percent to 3,848.92.
"The market rebounded after the last and third largest global ratings firm, Moody's, announced the upgrade of Philippines to investment grade," Astro del Castillo, First Grade Finance Inc. managing director, told GMA News Online.
"It has affirmed the views of others that the Philippines is a good place to invest in. We now have another feather in our cap," he added.
On Thursday, Moody's has upgraded the Philippine sovereign rating by one notch to Baa3 from Ba1, with a positive outlook. It said the “factors that prompted the review remain intact, namely the sustainability of the country's robust economic performance, ongoing fiscal and debt consolidation, and political stability and improved governance.
Before the announcement, Nieves Securities Inc. analyst Miko Sayo said the market was expected to move up and down due to consolidation and profit taking.
"The market is in the middle of nowhere as most investors were taking profits following sharp gains yesterday," he added. – VS GMA News
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