PHILIPPINE share prices on Friday posted modest gains after reports showed that Greece may reach a deal to obtain an emergency bailout necessary to avoid a disastrous default.

At the Philippine Stock Exchange, the benchmark index gained 13.90 points or 0.29 percent to 4,783.52, while the broader all-shares index added 11.36 points or 0.35 percent to 3,242.00.

Advancers beat decliners, 96 to 72, while 36 stocks were unchanged. A total of 6.23 billion stocks worth P8.08 billion changed hands.

“Some opted to bargain hunt because the risks from Greece dissipated during the day,” said Astro del Castillo, managing director at First Grade Finance Inc.

Eurozone finance ministers put off a decision on Friday on a new bailout to save Greece from bankruptcy, giving Athens less than a week to meet three conditions in return for $173 billion in aid.

“At least, Greece is one step closer to resolve their crisis,” said Freya Nativdad, investment analyst at 2TradeAsia.com. “The question is will the European Union approve the release of funds to Greece. According to news reports, they have withheld the euro bailout because they want to see first the implementation of the reform measures,” Natividad added.

Asian markets tumbled on Thursday after Europe’s finance ministers held back a rescue package for Greece, demanding that parliament should approve its latest austerity measures and government must find $431 million in spending cuts before clearing a second bailout for the country.

Overnight, the Dow Jones industrial average finished up 6.51 points to close at 12,890.46.

The market may consolidate within the 4,700 to 4,800 level next week before another run up, del Castillo said.

“Some companies are already reporting earnings results for the fourth quarter. If the Greece problem is resolved, it is possible that it may lead the market higher,” he added.