Tracking overseas markets, PHL shares rebound

Philippine shares rebounded from this week's losses, tracking gains posted by overseas markets that continue to reel from the euro debt crisis. The main Philippine Stock Exchange index rose 61.47 points or 1.46 percent to close at 4,271.72. “What happened is more of a reaction to the US and Euro markets’ reaction to the possibility of shelving the Greek referendum," said Manny Cruz, equities strategist of Asiasec Equities Inc. “We are basically tracking the movements of international market on developments in the euro zone are," Cruz added. According to Reuters, “Asian shares rose more than 2 percent and the euro steadied on Friday on hopes Greece will abandon a proposed referendum on a European Union bailout, but investors remained cautious over a confidence vote scheduled for later in the Greek parliament." Greece's abrupt call for a referendum —just days after a deal was struck to save the debt-stricken country from defaulting— sparked panic in global financial markets, prompting EU leaders to talk of a possible Greek exit from the euro zone to preserve the single currency, the Reuters report added. On the PSE, trading was thin with over 1.423 billion shares valued at P4.539 billion changing hands during Friday’s session. Gainers led losers 106 to 45 and 25 issues were unchanged. “In terms of the index, we are looking at the 4,285 as the initial resistance. Breaking that will then take us to 4,440," Asiasec’s Cruz said. — TJD, GMA News