Philippine stocks rebound as Europe fears ease

Philippine share prices rose Monday—building on the strength of a technical rebound at the end of last week—as fears that Greece would leave the eurozone eased.

The benchmark Philippine Stock Exchange index (PSEi) gained 0.54 percent, or 26.8 points, to close at 4,952.74 points, with all sub-indices ending the day in the green.

Last Friday, the index firmed up by 0.95 percent to close at 4,925.97, marking a technical rebound from the previous week’s decline.

More than 800 million shares changed hands at P4.07 billion. The day’s 82 advancers outnumbered the 62 decliners, while 46 issues were unchanged.

Brokerage firm 2TradeAsia in a weekly note said local share prices would be boosted “on hopes that the eurozone’s debt woes would eventually be resolved.”

“Officials from Germany and France signified their intention to retain Greece in the block,” the firm said.