PH stocks inch up, hanging on Greek hopes

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Share prices closed with a slight upward bias in a market that still remained generally weak, buoyed only by global hopes for a final deal to avert a total Greek debt default.

Traders also transacted their business in unfamiliar territory with the launch Monday, of the PSEtrade XTS, the new trading system developed by the National Association of Securities Dealers Automated Quotations (Nasdaq) OMX.

The benchmark Philippine Stock Exchange Index (PSEi) inched up 0.11 percent or 7.97 points to finish at 7,609.14, while the All Shares index firmed 0.21 percent or 9.13 points to 4,360.52.

Harry Liu, president of Summit Securities, said anticipation of a resolution to the Greek debt crisis provided little support to the local market, which was trying to gather fresh momentum for a rebound.


“The medium-term consolidation is the market’s way of strengthening support. The market will go up and down until August, which is the ghost month,” Liu said.

Miko Sayo, trader at Angping and Associates Securities Inc., said although share prices closed off lows, the market remained generally weak. “There’s nothing much to look forward to.”

Unfamiliarity with the new trading system may have also added to the market weakness for the day, Sayo added.

Industrials posted a 0.64 percent or 74.16-point gain, driving the sub-index up at 11, 691.41. The biggest sectoral decline was seen in Mining and Oil, down 0.85 percent or 117.66 points at 13,660.25.

Trade volume stood at 530.14 million shares valued at P5.44 billion. Advancers outnumbered decliners 97-67, while 40 issues closed unchanged.

Top gainers for the day were Philippine Seven Corporation, up P13.50 or 12.27 percent at P123.50; Yehey Corp., up P0.16 or 12.12 percent at P1.48; and Keppel Philippines Properties Inc., up P0.48 or 9.58 percent at P5.49.

The top losers were Vivant Corporation (VVT), down P2.85 or 11.18 percent at P22.65; Jolliville Holdings Corporation (JOH), down P0.40 or 10.26 percent at P3.50 and Oriental Petroleum and Minerals Corporation A, down P0.001 or 8.33 percent at P0.011.

On Friday, the PSEi closed down 5.69 points or 0.07 percent at 7,601.17, while the All Shares Index lost 0.79 points or 0.02 percent at 4,351.39.

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