MANILA, Philippines — Local stocks trekked higher for the fifth straight session on Thursday as investors correctly anticipated that the Philippines would bag an investment grade rating from a second global credit watcher.
After a sluggish opening following an overnight slump in Wall Street, the main-share Philippine Stock Exchange index added 22.43 points or 0.32 percent to close at 7,093.42. The index hit an intraday high of 7,108.28 – close to the all-time peak of 7,120.48 last hit on April 22 – as investors bet on another investment grade rating.
Dealers said the index moved higher close to the end of the session in anticipation that the second investment grading rating would come soon. This offset the “sell in May-go away” syndrome that crept early in the session.
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