Local stocks and the peso ended the week on a positive note, buoyed by Fitch Ratings’ recent affirmation of the Philippines’ credit rating.
The benchmark Philippine Stock Exchange Index (PSEi) climbed 0.89% to close at 6,411.86, while the broader All Shares index rose 0.37% to 3,741.12.
Gains were seen in several sectors, with Financials, Holding Firms, and Services finishing in the green. However, Industrial, Mining and Oil, and Property sectors posted losses, declining by 0.37%, 2.73%, and 0.57%, respectively.
Market breadth was slightly negative, with 104 decliners edging out 97 advancers, while 50 issues remained unchanged.
“Philippine shares broke past the 6,400 mark as easing trade tensions and Fitch’s reaffirmation of the country’s BBB rating with a stable outlook lifted investor confidence,” said Luis Limlingan, Head of Sales at Regina Capital Development Corp.
Meanwhile, the peso appreciated against the US dollar, closing at 55.57 on Friday, stronger than Wednesday’s 55.84 finish. The local currency opened at 55.90 and ranged between 55.56 and 56.00 throughout the session, with a weighted average rate of 55.75.
Trading volume reached $2.1 billion for the day.