PHILIPPINE stocks closed the four-day work-week with a pleasant surprise, rising to the 7,500 levels on the back of positive international leads.
The Philippine Stock Exchange index (PSEi) rallied 119.45 points or 1.62 percent to 7,503.72, while the All Shares gained 60.03 points or 1.41 percent to 4,314.24.
“The session took its cue from Wall Street’s significant overnight ascent, plus easing tensions on Greece’s debt impasse,” said Grace Cerdenia, research head at online brokerage firm 2TradeAsia.com.
“Largecaps also took the lead, especially those that have been dragged into oversold territory. Select speculative stocks also took the limelight, given crude’s advance, but did not significantly contributed to today’s trade,” she added.
The market could go further higher, given the successful breach of the 7,500 mark from a staging point at the 7,300 territory a day earlier, said Jonathan Ravelas, BDO Unibank chief market strategist.
The market was able to recover prompted by the significant gains carved by US markets overnight, said Lawrence Lee, Citisecurities Inc. vice president.
He cautioned, however, that the bullishness may be a short-term relief as market volatility still persists.
“Hopefully, it holds at this level for the meantime. We’re looking at a potential rally in the next few days, but nothing big for the next few months,” Lee said in a text message to The Manila Times.
All sectoral indices were in positive territory on the last trading day of the week, as leaders property soared by 2.69 percent and holding firms advanced by 2.50 percent.
Universal Robina Corp. was the sole decliner among the most actively traded stocks. Leading Thursday’s uptrend were Metropolitan Bank and Trust Company, Globe Telecom Inc., GT Capital Holdings Inc., Philippine Long Distance Telephone Company, Ayala Land Inc., Alliance Global Group Inc., SM Investments Corp., Ayala Corp., and Energy Development Corp.
More than 1.275 billion shares, valued at P8.54 billion were traded.
Advancers outnumbered decliners, 103 to 58, while 47 issues were unchanged.
Financial markets are closed today for Independence Day. Trading will resume on Monday, June 15.