Philippines share prices closed 1.66 percent higher on Friday, supported by a Moody's Investors Service rating upgrade for the country and a slight easing in monetary policy, dealers said.
They said the Moody's action bolstered investor confidence in the economy, while the central bank's small de facto cut in rates likely to give the banks greater leeway to buoy lending and boost economic growth.
The composite index added 45.08 points to 2,766.86 after trading between 2,726.24 and 2,777.98. The broader all-share index rose 24.38 points to 1,692.76. Gainers outnumbered losers 55 to 41 with 54 stocks unchanged.
Volume totalled 2.52 billion shares worth 3.1 billion pesos (62 million dollars). Shortly before Moody's announced its decision Thursday, the central bank decided to maintain its key overnight borrowing rate at 7.50 pct but only for bank placements up to five billion pesos. It now charges lower rates for all placements in excess of five billion pesos, allowing banks more room to lend.
Top-traded Metropolitan Bank Trust Co rose 50 centavos to 48 pesos. Philippine Long Distance Telephone, which will release quarterly results Tuesday, advanced 65 pesos to 2,445. Globe Telecom, due to unveil its third-quarter performance on or before next Wednesday, jumped 50 pesos to 1,190.
Conglomerate Ayala Corp gained 10 pesos to 500 ahead of its quarterly results also due next week. Food and beverage firm San Miguel Corp's A-shares ended flat at 66 pesos while its B-shares edged up 50 centavos to 74.50 pesos.
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