Philippine stocks tracked the advance on Europe and US markets overnight, closing higher on new hopes for a last-minute compromise between Greece and its creditors.
The Philippine Stock Exchange index (PSEi) rose 1.21 percent or 91.77 points to finish at 7,643.33, while the All Shares inched up 0.88 percent or 38.32 points to 4,371.02.
“Share prices rose in mid-week trade, with investors taking their cue from advances in Europe and the US overnight. Optimism over an 11th-hour compromise between Greece and its creditors whetted appetites for stocks where previously, every effort at forging a deal turned up an empty hand,” Justino Calaycay Jr., equity analyst at Accord Capital Equities Corp., said in a market note.
“The key to the sudden rush in positive hopes of a favorable resolution lies in Greek Prime Minister Alexis Tsipras’ pronouncement two days ago that he and his government are now willing to soften their stance on the contentious, stone-walling issues of pensions, taxes and budget surplus,” Calaycay added.
All sectoral indices ended higher, led by services with a gain of 1.97 percent, property with 1.50 percent and industrials with 1.04 percent.
Top gainers were Ayala Land Inc., Philippine Long Distance Telephone Company, Metropolitan Bank and Trust Company, Universal Robina Corp., SM Prime Holdings Inc., Ayala Corp., Globe Telecom Inc., and Megaworld Corp.
Trade volume on Wednesday reached 615.25 million, valued at P6.19 billion. Advancers outnumbered decliners 97 to 71, while 37 issues closed unchanged.
The day before, the bellwether PSEi dropped 0.76 percent or 57.58 points to 7,551.56, while the All Shares index fell 0.64 percent or 27.82 points to 4,332.70.