Philippine stocks rise slightly, driven by bargain hunting and credit rating affirmation

Philippine stocks rose slightly on Friday, driven by bargain hunting and the affirmation of the country's investment-grade credit rating.

The benchmark Philippine Stock Exchange index (PSEi) increased by 0.05%, closing at 6,281.58 points, while the broader all shares index gained 0.06% to end at 3,737.58 points.

Rating and Investment Information, Inc. (R&I) affirmed the Philippines' 'A-' credit rating with a stable outlook, citing expectations of sustained economic growth and robust investments.

Philstocks Financial Inc.'s Research Manager noted that hopes for a Bangko Sentral ng Pilipinas rate cut also contributed to market gains this week.

Despite overall gains, some sectoral indices declined; holding firms fell by 0.8% while services dropped by 0.35%, reflecting mixed performance across different sectors.