PHL shares track Wall Street to close higher

Philippine shares closed higher in moderately active trading Friday, tracking the performance of overseas markets on the heels of debt-reduction deal Greece got from its creditors. The main Philippine Stock Exchange index gained 66.22 points or 1.55 percent to close at 4,333.72. According to Citiseconline.com Inc.’s research team, the PSEi breached through the immediate resistance at 4,267. “We’re basically tracking the performance of overseas markets’ positive reaction" to the euro debt deal, April Tan, head of Citiseconline.com research team said. In terms of volume, Citiseconline’s research chief said, “it wasn’t bad. It’s not that great either," she noted, adding, “it was just about right." Over 3.809 billion shares worth P12.106 billion changed hands in the session. The euro debt deal “includes provisions for write-downs on Greek bonds, though decisions on how to recapitalize hard-hit European banks and boost the EU's rescue fund have not been finalized," according to a Reuters report. Citiseconline’s Tan said, “the proposed solutions bought closure to the problem." Overnight on Wall Street, the Dow Jones industrial average was up 339.51 points, or 2.86 percent, at 12,208.55. In the Philippine market, advancers led decliners 90 to 46 and 40 issues closed unchanged. “After the 4,267, the next resistance level (for the PSEi) is 4,400," Tan said. — GMA News Online