Philippine Stock Index Climbs to 11-Month High After S&P Upgrade

Philippine Stock Exchange Index +1% as of 9:31 a.m. in Manila, heading for highest close since June 10, after S&P raises nation’s debt rating to BBB. * “The credit-ratings upgrade is a bullish signal for stocks,” says Jerome Gonzalez, head of research at Manila-based Philequity, which oversees about $230m in funds * NOTE: Debt rating increased to second-lowest investment grade level from BBB- with stable outlook at Standard & Poor’s * “This will help attract more fund inflows moving forward as international investors have already been voting with their money ahead of this upgrade,” Gonzalez says * JG Summit (JGS PM) +3.3%, bound for sharpest gain since March 14; Philippine Long Distance (TEL PM) +2.8%, heading for highest close since Oct. 8; Ayala Land (ALI PM) +2.3%, bound for highest close since June 10 * NOTE: Philippine Stock Exchange Index +16% this year, the best performer in Asia, boosted by the longest stretch of net foreign inflows since at least 1999 * The measure may reach 7,147 by year end and 8,220 by end-2015, Gonzalez says

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