Philippine stocks up as investors hopeful of Euro debt resolution

MANILA, Philippines—Local stocks on Monday ended a two-day decline, starting the week strongly on hopes of an imminent solution to Europe’s debt woes.

At the same time, traders said the Philippine Stock Exchange index (PSEi) was aided by positive sentiment related to the decision of the Bangko Sentral ng Pilipinas to keep interest rates steady last week.

The PSEi ended the trading session at 4,201.08, rising by 34.48 points, or 0.82 percent.

Activity at the bourse was led by index heavyweight PLDT, which ended higher at P2,266 a share from the previous session’s P2,232, with a value of P345 million, or about 0.01 percent of the market.

Shares of Manila Mining Corp. also attracted investors’ interest, ending at P0.064 apiece from last Friday’s P0.062, on P248 million of volume.

All sectoral indices traded higher, led by the services sector, which rose 1.57 percent, and the mining and oil sector, which rose by 1.5 percent.

The All Shares index rose by a more muted 0.47 percent.

Trading activity was brisk, with 9.4 billion shares worth some P4.5 billion trading hands.

Advancers and decliners were almost evenly matched, 75 to 77, while 28 shares were unchanged.