PH stock market named one of world's 'hottest'

Kim Arveen Patria
Kim Arveen Patria
Yahoo! Southeast Asia Newsroom
Traders work at the Philippine Stock Exchange in Manila. Asian markets mostly fell as fears about Spain's surging borrowing costs replaced the previous day's optimism over Greece's election, while G20 leaders struggled to soothe dealers' nerves

The Philippine stock market is one of the "hottest" in the world so far this year, a CNN report said.

The local bourse was ranked as the fifth top-performing stock market globally, with CNN Money noting growth of 20 percent as of April 24.

The Philippine stock market was topped only by the of Kuwait, which grew by 23 percent; Argentina, 27 percent; United Arab Emirates, 28 percent; and Japan, 34 percent.

Related story: A first in history: PH gets investment grade

"Philippine stocks have soared to all-time highs this year, as the Southeast Asian nation earned its first-ever investment grade credit rating," CNN Money said.

Local stocks breached 7,000 level April 22, closing at 7,120.48, its 27th record-high so far this year.

The economy also earned its first investment grade in history from global debt watcher Fitch Ratings late March.

Also read: More Pinoys remain poor, says NSCB

The Philippines' growth amid a global slowdown has been attracting investors, CNN Money quoted Ashraf Laidi, chief global strategist at City Index in London, as saying.

"The economy doesn't depend on exports to China like many other countries in the region," Laid said further. "It's more tied to domestic consumption."

Malacanang has earlier welcomed the stock market's record performance as a "manifestation of continued confidence" in the Philippine economy.

"This is but one among many indicators of a resurgent Philippines," presidential spokesperson Edwin Lacierda said in a statement.