Stocks rise on Cyprus bailout deal

MANILA, Philippines - A revised bailout deal for debt-ridden Cyprus helped push local share prices to end higher for the third straight session.

The benchmark Philippine Stock Exchange index gained 1.21 percent or 78.88 points to 6,597.59, while the broader All Shares index added 0.93 percent or 38.23 points to 4,137.49.

“The news about the Cyprus bailout enticed investors to come back in the market. The risks dissipated a bit,” Astro C. del Castillo, managing director of First Grade Finance Inc., said in a phone interview.

Around Asia, markets likewise climbed as Cyprus managed to arrange a last-minute, $13-billion bailout agreement with lenders, allowing the country to evade a financial fallout that will send shocks to global financial markets.

Japan’s Nikkei 225 rose 1.69 percent or 207.93 points to 12,546.46 while Hong Kong’s Hang Seng index added 0.61 percent or 135.85 points to 22,251.15.

In the local market, all counters, save for mining and oil, were in the green. The advancers were paced by property firms that rallied 2.28 percent to 2,713.94.

Turnover value declined to P8.98 billion from P9.32 billion on Friday as some investors are already in vacation mode.

Winners outpaced losers, 99 to 64, while 34 stocks did not change.

Del Castillo said cautious trading will persist in the next few days given the shortened trading week due to the long Lenten break.