MANILA, July 21 (PNA) — Local share prices bounced back to 7,600-level on Tuesday as investors went on a buying spree amid easing external threats.
The barometer Philippine Stock Exchange index (PSEi) advanced 86.79 points or 1.15 percent to 7,627.96 from previous day’s 7,541.17 finish.
“External ‘threats’ have greatly eased – the deal in Iran, the on-going talks on a possible Greek bailout, and some numbers from China,” said Jun Calaycay of Accord Capital Equities Corp.
Calaycay expects the local market testing the 7,700 line in the balance of the week as investors take positions ahead of the President Benigno S. Aquino III’s final State-of-the-Nation Address (SONA) on Monday as well as anticipation of the release of second-quarter corporate earnings.
In Tuesday’s trading, holding firms and property counters led by the market’s rally.
Only the mining and oil sector was in the negative territory.
Volume of transactions reached 2.92 billion shares valued at Php6.6 billion.
Market breadth turned positive as advancers led decliners, 99 to 75, while 43 issues were unchanged. (PNA)