PSEi rallies to 7,500

THE LOCAL stock barometer climbed back to the 7,500 level Tuesday as the European Union deal that prevented a much-feared “Grexit” spurred risk-taking for the second straight session.

The Philippine Stock Exchange index (PSEi) added 42.43 points or 0.57 percent to close at 7,538.76, rising for the fourth straight session.

Investors were encouraged by the upbeat trading in Wall Street overnight as Greece struck another bailout deal with the European Union, allowing the debt-strapped nation—the first to default on an International Monetary Fund loan—to remain part of the euro zone.

Most counters were up for the session, except for the property sector. Total value turnover amounted to P5.73 billion. There were 134 advancers that overwhelmed 40 decliners while 39 stocks were unchanged.

Bloomberry led the PSEi higher, rising 7.97 percent, while Globe—the most actively traded company—gained 3.19 percent. URC, AC, MPI and Jollibee all advanced while BDO, Metrobank, ALI, GTCAP, SMIC, JG Summit also contributed gains. Doris Dumlao-Abadilla