Philippine stocks rise on Greek debt news

Shares on the Philippine Stock Exchange closed mostly higher, following the uptrend in Asian markets on hopes over Greece’s financial woes.   The market found its stride in the afternoon, from an undecided opening, with news of positive developments on the Greek debt swap deal, said traded Justino Calaycay Jr. of Accord Capital Equities Corp.   “Results of Greece's bond swap with private creditors showed that 85.8 percent of private creditors had accepted its bond swap offer. The rate would reach 95.7 percent with the use of collective action clauses to enforce the deal,” according to a Reuters report Friday.   "The headlines from Greece are within expectations and the market reaction is a classic case of buy the rumor, sell the fact," Reuters added, citing Yuji Saito, director of the foreign exchange division at Credit Agricole Bank in Tokyo.   “The news created a buying momentum,” said Accord Capital’s Calaycay.   The main PSE index gained 24.52 points or half a percent to close at 4,980.71.   Over 5.908 billion shares valued at P5.397 billion were traded during the morning and afternoon sessions.   Gainers led decliners 93 to 73, with 36 issues closing unchanged.   Still, Calaycay noted this is the third week-on-week loss for the market.   While the market sentiment continues to be bullish, there remains intermittent challenges and hurdles in from external factors that seem to be eurozone debt crisis, said Calaycay.   But each of those hurdles breached gives markets enough reason to take on risks, Accord Capital’s trader added. — TJD, GMA News