PSEi closes above 6,000, boosted by S&P rating affirmation

The Philippine Stock Exchange Index (PSEi) retested the 6,000 level, closing at 6,022.24 on Friday, driven by renewed investor optimism.

Most local shares ended the trading week in the green, with all major sectors booking gains, led by mining and oil.

Investor sentiment was boosted by S&P Global Ratings affirming the Philippines' long-term credit rating at BBB+ with a positive outlook.

S&P Global Ratings cited ongoing fiscal consolidation, stabilized debt levels, and a robust external position as factors that could help the country achieve an 'A' credit rating.

Despite recent challenges like the flood control issue and anemic third-quarter economic growth, analysts believe the country's growth story remains intact.

Analysts pointed to the country's economic resilience amidst geopolitical risks and local political noise as reasons for the positive outlook.