Philippine bourse closes higher on positive European market expectations

MANILA, Philippines (Xinhua) - The euphoria from last week's development in Europe trickled down today's session, solidifying the Philippine stock market's rally above the 7,500 level.

The bellwether Philippine Stock Exchange index inched closer to the 7,600 level as it finished Monday's session at 7,586.67, 0.50 percent or 37.74 points higher from the previous session's close.

Similarly, the broader all-share index rose by 0.42 percent or 18.49 points to 4,421.91.

Trading volume reached 2.15 billion shares worth P10.24 billion ($231.89 million) with 92 stocks advancing, 94 declining, and 43 remaining unchanged.

Of the six counters, the mining and oil sector retreated. Likewise, the property sector was down by 0.49 percent.

"Having pierced 7,500 on positive momentum, the market may continue to trend higher to test 7,600," online brokerage 2TradeAsia.com said in its stock market comment.

The euphoria over European Central Bank's stimulus plan balanced the results from Greece's snap elections, and whether or not the latter would opt to stay in the euro zone.

"It might be timely to revisit select second-tiers that typically play catch-up versus large-caps, especially those with sequel corporate announcements," it said.

The online brokerage now puts the index's support level at 7, 500, while resistance is seen at 7,600.

Stocks in the 30-company index were mostly up. These include Gokongwei-led JG Summit Holdings, Inc., which rose by 0.47 percent following a private placement that pulled down its shares last week. Others that were picked up were Cebu Air, Inc. and heavyweight Philippine Long Distance Telephone Co.