Philippine stock index back at 4,800 level

MANILA, Philippines—The local stock index climbed back to the 4,800 level on Wednesday after the previous day’s profit-taking as risk appetite was boosted by signs of progress in the debt relief deal being worked out for Greece.

The main-share Philippine Stock Exchange index surged by 49.82 points, or 1 percent, to close at 4,805.80, promptly bouncing from Tuesday’s profit-taking.

“We participated with the region but we also received (a) kick from SM,” said Jose Mari Lacson, head of research at Campos Lanuza & Co.

Sentiment was buoyant across the region on news that private creditors were making progress on debt discussions with Greece even as Athens itself was besieged with public protests against cuts in jobs and spending.

All counters were up but holding firms outperformed other sub-indices with a 1.9-percent gain. Trading on the property counter (up by 1.16 percent) was likewise upbeat led by tycoon Henry Sy’s SM Prime Holdings which surged by 4.7 percent to P15.60.

Shares of Sy’s holding firm, SM Investments, also spiked by 2.4 percent to P692 per share.

Banco de Oro, Manila Water, PLDT, JG Summit, EDC, AGI, Cebu Air, AEV, ALI, BPI, Semirara and Ayala Corp. also contributed to the PSEi’s rise.

The non-index stocks that surged in heavy volume were Security Bank, Lepanto A (open only to local investors) and NiHao.

On the other hand, shares of Metrobank and Megaworld declined.