Stocks gain 1.46%

Local stocks rebounded yesterday on relief that Greece had shelved a plan to put to a popular vote a long-awaited European bailout plan.

The main-share Philippine Stock Exchange index surged 61.47 points or 1.46 percent to close at 4,271.72.

Due to losses earlier in this shortened trading week, the index ended 1.4 percent lower than a week ago.

The rebound was spurred by Greek Prime Minister George Papandreou’s holding back from an earlier referendum plan that could have jeopardized a European agreement to bail out Greece and boost European banks.

Overnight, the Dow Jones industrial average extended its rally for the second day, gaining 208.43 points or 1.76 percent to finish at 12,044.47 as Wall Street cheered the development in Greece.

At the local market, all counters traded higher especially the financial sub-index, which bounced 1.6 percent.

Value turnover amounted to P4.54 billion. Some P357 million in net foreign buying aided the index.

There were 106 advancers that trumped 45 losers while 25 stocks were unchanged.

The local index was led higher by San Miguel Corp., PLDT, BDO Unibank, Semirara, URC, Ayala Land, Cebu Air, Philex Mining, Metro Pacific Investment, Alliance Global, DMCI, Metrobank, Megaworld and Jollibee. Other stocks like Puregold, PNB, Atlas Mining and Zeus Holdings also gained in active trade. Doris C. Dumlao