PH stocks up on Greece, China dev’ts

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A rebound in Chinese shares and the reform proposals by Greece to the European Central Bank (ECB) fueled bargain-hunting in the Philippine stock market near the close of trade on Friday, following a nerve-wracking series of profit-taking.

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The PSEi was up by 0.20 percent or 14.90 points to 7,392.59, while the All Shares jumped by 0.19 percent or 7.86 points to 4,227.21.

“I see two catalysts: First was the rebound in the Chinese equities and the second was the submission of reform proposals by the Greeks to the ECB,” Alexander Adrian Tiu, equity analyst at AB Capital Securities Inc., said.

But the market is not yet out of the woods and may encounter more volatility next week, depending on the ECB assessment of Greece’s reform proposals, Tiu said. At the same time, China’s second quarter gross domestic product to be released also next week “… would heavily impact on prices.”

2TradeAsia.com Investment Analyst Rens Cruz said the market recorded slight rebounds towards the close of trading as investors hunted for bargains.

The rebound in Chinese stocks also helped create an upside momentum on the local front, Cruz noted.

Participants remained cautious as jitters from previous sessions have yet to subside in tandem with supply-side pressures from fund managers, Cruz said.

More than 5.997 billion shares, valued at P6.79 billion, were traded. Advancers outnumbered decliners, 87 to 70, while 54 issues were steady.

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