PSEi upbeat, extends gains for 8th straight session

Philippine share prices opened the week in the green, extending gains for the eighth straight session. The main Philippine Stock Exchange index jumped 61.05 points or 1.47 percent to 4,214.45, while the broader all shares added 27.84 points or 0.95 percent to 2,970.91. Gainers dominated losers, 106 to 40, while 32 stocks closed unchanged. Volume traded reached 8.71 billion shares valued at P3.73 billion. "What can keep markets above the water is at least a few good news in Europe. The IMF, EU and ECB have decided that Greece can receive another loan tranche early next month. France and Germany pledged to recapitalize Euro banks if necessary and to present a debt crisis plan on the next G20 meeting," said Maria Arlysa Narciso of AB Capital in a marekt note posted online. However, Narciso warned that the global market is currently nervously watching China, the world's second largest economy, owing to signs that its economy may be on a downturn as "manufacturing contracted for a third month while trades and copper demand weakened as well." - CMA/OMG, GMA News