• PH shares overcome shocks from Greece default

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    Philippine shares were able to withstand the financial reverberations from Greek debt default as the market was able to attract buyers scouting for bargains.

    The PSEi increased by 0.14 percent or 10.65 points to 7,575.15, while the broader All Shares advanced by 0.25 percent or 10.78 points to 4,330.37.

    Despite the Greece default, a bit of buying pressure supported the PSEi in the minutes before the closing bell rang, Joylin Telagen, research analyst at IB Gimenez Securities Inc., said.

    “There was just some last minute buying in oversold stocks at the close, which ended a two-day losing streak,” Telagen said, noting the Greece default on its $1.7 billion obligation to International Monetary Fund was the counterpart selling pressure through much of the session.

    “However, I think investors already priced it in and investors are now looking forward to the results of the July 5 referendum, which remains a source of market volatility,” she said.

    Telagen expects the PSEi to trade within the 7,500-to-7,700 range in the next few days, saying a breach of the 7,700 mark could trigger an attempt to go for the 7,800 level.

    The market is still digesting the uncertainty brought about by overseas developments, particularly Greece, Bryan Gomez, co-head of investments at Citisecurities Inc., said.

    Locally, investors are on the lookout for better earnings, Gomez noted.

    “It will take probably another two to three months before the market settles on a consensus index level . . . Hopefully it will happen above the 7,200 level,” he added.

    More than 746 million shares, valued at P6.46 billion were traded. Advancers overwhelmed decliners, 87 to 78, while 46 issues were steady.

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