By Leslie D. Venzon
MANILA, Dec. 12 (PNA) –- The local stock market rallied on Friday, ending its five-day slump, a day after the Philippines received credit rating from Moody’s Investors Service.
The barometer Philippine Stock Exchange index (PSEi) zoomed 152.11 points or 2.15 percent to 7,224.21 from the previous day’s 7,072.10 close.
Brokerage firm 2TradeAsia.com said the local bourse snapped its losing streak after Moody’s upgraded the country’s credit rating to ‘Baa2’ and Bangko Sentral ng Pilipinas (BSP) maintained benchmark rates.
It said the positive economic data coming from the United States also provided some support following the market’s rout in the previous session due to the continued decline in oil prices.
All counters advanced significantly from 1.24 percent to 2.75 percent.
Trading volume reached 1.81 billion shares valued at Php11.61 billion.
Advancers dominated decliners, 129 to 49, while 44 issues unchanged.
The day’s top gainers were led by Bogo Medellin Milling Company Inc., Philweb Corp., Republic Glass Holdings Corp., Phoenix Semiconductor Philippines Corp. and Leisure & Resorts World Corp. (PNA)