PHL stocks rally closer to 7,500-mark

July 14, 2015 5:21 am 

MANILA, July 13 — Local share prices rallied along with other Asian markets and regained the 7,500 mark on Monday on hopes for a deal for Greece and recovery of china.

After tepid market in the past days, the barometer Philippine Stock Exchange index (PSEi) surged 103.74 points or 1.40 percent to 7,496.33 from Friday’s 7,392.59 finish.

Banco de Oro Unibank chief market strategist Jonathan Ravelas said the recovery of china and possible Greece resolution helped buoy the local bourse closer to 7,500 levels.

“Let’s see if (it) can sustain rise to test 7,800. Otherwise, it could cause profit taking and retest the 7,200 levels,” he said.

Eurozone leaders have offered Greece a third bailout deal.

All counters advanced, led by property with share prices rising 2.63 percent.

Volume of transactions reached 6.75 billion shares valued at Php4.76 billion.

Advancers won decliners, 107 to 64, while 37 issues were unchanged. (PNA)

LGI/LDV

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