PSEi hits fresh peak; breaches 7,200-mark

by Kathleen A. Martin,

Posted at May 03 2013 04:10 PM | Updated as of May 04 2013 03:27 AM

MANILA, Philippines - Shares breached the 7,200-mark on Friday after the Philippines got its second investment-grade status the previous day.

The Philippine Stock Exchange index rose 1.72% or 121.93 points to 7,215.35, while the broader all-shares index went up 1.48% or 65.41 points to 4,490.

This is the 28th record high for the PSEi this year.

The index reached as high as 7,230.40 during the day, or 136.98 points above Thursday's finish. Shares rallied after Standard & Poor's upgraded its junk rating on the Philippines to BBB-, the second investment-grade status for the country.

Total volume traded on Friday reached 3.53 billion shares worth P15.83 billion.

Advancers led decliners 120 to 71, while the shares of 30 firms remained unchanged.

All sub-indices were in the green, led by the holding firms which gained 2.42% or 154.32 points to 6,543.36.

Most active stocks were Alliance Global Group Inc. whose shares went up 3.94% to P25.05 apiece, and Philippine Long Distance Telephone Co. whose shares climbed 0.32% to P3,090.

Shares of Ayala Land Inc. (+2.36%), SM Investments Corp. (+2%), Universal Robina Corp. (+1.46%) and Trans-Asia Oil and Energy Development Corp. (-10.65%) were also among the most traded on Friday.