THE benchmark PSEi closed the four-day trading week beyond the 7,600 territory on the back of positive sentiment over the bailout program of Greece and the gains registered by Chinese stocks.
The Philippine Stock Exchange is closed today for the Eid’l Fitr to mark the end of the Ramadan season.
Yesterday, PSEi gained 0.77 percent or 58.09 points to 7,617.13, while the All Shares climbed 0.73 percent or 31.56 points to 4,345.56.
“While optimism over the Greek parliament’s passing of austerity measures still remained, it wouldn’t come as a surprise that the market determines that the story has run its course,” said Jason Escartin, investment analyst at online brokerage firm 2TradeAsia.com.
Market sentiment was optimistic through the week over the Greek bailout program, with analysts pegging the resistance level at 7,600. Analysts expect a breach of the resistance level to spur another uptrend.
All sectoral indices registered gains, led by a 1.81-percent advance in the services sector.
Total volume reached 1.71 billion shares, valued at P6.9 billion. Gainers outnumbered losers, 101 to 66, while 38 issues were steady.