Manila: Affirmation by S and P Global Ratings of its investment-grade ratings on the Philippines on Thursday benefited both the local bourse and the currency Friday. The credit rater noted the slowdown in government spending due to investigations into flood control projects but believes that this is only temporary. Thus, it also maintained its positive outlook on the country's 'BBB+' long-term rating and the 'A-2' short-term rating.

According to Philippines News Agency, with these developments, the Philippine Stock Exchange index (PSEi), which experienced fluctuations throughout the week, concluded the day with an increase of 0.89 percent, closing at 6,022.24 points. The broader All Shares index also rose by 0.85 percent, ending at 3,568.34 points. All sectoral gauges finished the week on a high note, led by the Mining and Oil sector, which saw a 4 percent rise. Following this were the Holding Firms with a 1.75 percent increase, Financials with 1.30 percent, Industrial with 0.89 percent, Property with 0.43 percent, and Services with a marginal 0.01 percent gain.

The total volume of shares traded reached 1.53 billion, amounting to PHP5.52 billion. Advancers outnumbered decliners at 115 to 68, with 59 shares remaining unchanged. Additionally, the Philippine peso strengthened against the U.S. dollar, closing the week at 58.64, compared to the previous day's 58.76. It opened the trade slightly sideways at 58.73 and fluctuated between 58.6 and 58.8, with an average of 58.72 for the day. The trading volume totaled USD1.27 billion, an increase from the previous USD1.08 billion.