• Greece bailout lifts PH stocks for 5th successive day

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    THE positive turnout of the Greece bailout deal lifting stock markets around the world, including the Chinese market, was still the main reason why investors continued to take position in Philippine shares on Wednesday.

    The optimism has led to a fifth day uptrend of PSEi.

    The main PSEi gained 20.28 points or 0.27 percent to 7,559.04, while the broader All Shares added 17.37 points or 0.40 percent to 4,314.

    “The bailout terms give a positive signal to the European Union and the global economy, since this will be the first step to Greece’s economic recovery,” said Joylin Telagen, research analyst at IB Gimenez Securities Inc.

    “This would also affect positively global markets, including the PSEi to move higher in the next few weeks,” she added.

    Despite the latest catalyst moving markets around the world, Telagen warned of lower yields in the bond market as investors focus on equities given the prospect of higher returns.

    Total volume on the PSE reached 2.03 billion shares, valued at P8.49 billion. Advancers outnumbered decliners, 106 to 62, while 45 issues remained unchanged.

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