PHILIPPINE equities continued a rally that was triggered by the Greek bailout program and the positive turnout of the Chinese market.
The PSEi closed up 0.57 percent or 42.43 points at 7,538.76, while the All Shares gained 0.65 percent or 27.85 points to 4,296.63.
“The number one factor was the report of the deal between Greece and Europe. Meaning, they are agreeing on a certain debt restructuring which boosted the market,” Astro del Castillo, managing director of First Grade Finance Inc., said.
“Chinese markets continued to bounce back. Also, oil prices continued to slide due to an agreement between Iran and the United States. These factors boosted confidence in most markets,” del Castillo said.
“But the value turnover remains weak. So, there is still cautiousness on the side of the investors. Given the new developments, the market may continue to bounce back.
However, the local market is still sensitive to developments overseas,” he added.
Early in the session, the PSEi reached an intraday high above 7,560 ahead of the official release of first semester corporate earnings,” F. Yap Securities Inc. investment analyst Jason Escartin said, noting the intraday gains were eroded by profit-taking.
The property sector was the sole decliner among the subsectors. The mining and oil index went up by 0.96 percent and industrial sector rose by 0.93 percent.
Advancers outnumbered decliners, 134 to 40, while 39 issues stood unchanged. Total volume reached 4.6 billion shares, valued at P5.72 billion.