The Philippine Stock Exchange main index or the PSEi surged to a new all-time high on Friday driven by the positive sentiment generated by the Standard & Poor’s Ratings Services (S&P) upgrade of the Philippines’ sovereign rating to investment grade status.
The PSEi closed at 7,215.35 points, up 121.93 points or 1.72 percent. This breaches the previous all-time high at 7,120.48 points set on April 22.
Intraday, the PSEi also hit a new high at 7,230.40 points surpassing the previous record intra-day level of 7,120.48 points posted on April 22.
“S&P’s latest upgrade of the Philippines to investment grade status has given investors renewed confidence in our market. We are confident that this milestone will encourage more people to invest in the Philippines, and participate in the excitement on the new opportunities that have been opened up arising from this development,” PSE President and Chief Executive Officer Mr. Hans B. Sicat said.