PH stocks rise on news of Cyprus bailout

Source: PSE website

MANILA, Philippines—Local stocks gained for a third session on Monday as risk appetite across the region was boosted by a bailout deal for Cyprus.

The main-share Philippine Stock Exchange index surged by 78.88 points or 1.21 percent to close at 6,597.59.

The day’s gains were led by the property counter (+2.28 percent) while the financial, industrial and services counters also rose by over 1 percent.

Value turnover amounted to P8.98 billion.  There were 99 advancers that edged out 64 decliners while 34 stocks were unchanged.

The biggest index gainers were ALI (+3.69 percent), Bloomberry (+3.68 percent) and AGI (+3.34 percent).  Investors also snapped up shares of MPI, Metrobank, AP, JFC, Megaworld, URC and ICTSI.

On the other hand, the day’s gains were tempered by the decline of Semirara, Meralco, BDO, DMCI and MWC.

The Holy Week is usually a time for the local stock market to hunt for bargains.  Aside from that, month- and quarter-end window-dressing activities were aiding the market.

At the same time, trading was upbeat across the region as Cyprus struck a $13-billion international bailout deal that averted a financial meltdown.