Greek debt crisis weighs on PH stocks

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THE debt talks between Greece and its creditors continued to place a drag on the Philippine shares, prompting investors to search for new catalysts that can lift and cheer the market.

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The Philippine Stock Exchange index (PSEi) declined by 0.80 percent or 61.42 points to 7,581.91, while the All Shares index decreased by 0.73 percent or 31.88 points to 4,339.14.

Astro del Castillo, managing director of First Grade Finance Inc., said that the market remains submissive to the negative developments surrounding the Greek debt debacle which continues to prompt investors to cash in on gains.

“There is not much market moving news. Investors are still looking at the Greece talks. Apparently, the final verdict will still be on June 30. So unless there is market-moving news, the local market will still continue to consolidate as investors shy away from the market,” del Castillo said.

“We are seeing a consolidation between 7,400 and 7,600 in the next few days. This is actually good for the market before another run up,” he added.

Grace C. Cerdenia, research head at online brokerage firm 2TradeAsia.com, noted: “The weight of Greece’s progression in debt talks with creditors were monitored by equities investors and several checked on funds flow movements, specifically within the currencies market. Volatility prevailed, but on a narrower window in terms of prior sessions’ net foreign selling.”

The Mining and oil sector was the sole gainer during Thursday’s session, increasing by 0.39 percent or 54.18 points.

Only Universal Robina Corp. managed to make a firm advance among the actively traded stocks and climb by 2.07 percent.

Total shares traded reached 2.519 billion, amounting to P8.09 billion. Decliners outweighed advancers, 97 to 70, while 50 issues were unchanged.

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