PH stocks rebound

The PSEi on Wednesday added 41.82, as investors were heartened by recent developments in Greeece. AFP FILE PHOTO/JOEL NITO

MANILA, Philippines—Local stocks swung back to positive territory on Wednesday as investors took heart from news about Germany leading a second bail-out package for debt-strapped Greece.

The main-share Philippine Stock Exchange index added 41.82 points, or 0.98 percent, to finish at 4,286.46.

Investors across the globe cheered recent developments in Greece. On Wall Street, the Dow Jones Industrial Index was up by 128.21 points, or 1 percent, to 12,569.79.

Lepanto “A,” AGI, Megaworld, PLDT, Metrobank, DMCI, Philex, ICTSI, BPI, Meralco, Ayala Corp. and FLI led the index higher. Likewise a big gainer was San Miguel Corp., the day’s most actively traded stock.  Atlas Mining and Vista Land were also among the gainers.

The day’s index rise was tempered by the losses incurred by URC, Aboitiz Power, EDC and BDO.

Index heavyweight PLDT promptly bounced after a steep fall on Tuesday that was in turn caused by concerns over opposition to its takeover of Gokongwei-led Digitel.  The services index thus led the day’s upswing by sector, rising by 2.66 percent.

There were 78 advancers as against 62 decliners while 33 stocks were unchanged.