Earnings season seen lifting PH stocks
More News from Philippine Daily Inquirer
Local stocks, which have been on an upswing for seven straight weeks, are seen to draw support from the unfolding local corporate earnings reporting season this week.
Last week, the main-share Philippine Stock Exchange index gained close to 1 percent to close at 6,521.64 on Friday. The 6,500 milestone was breached last week although overall gains were capped by a landslide in Semirara Mining’s coal mining pit in Antique as well as the reduced weight on the Philippines in the closely tracked MSCI index.
“The better-than-expected growth numbers and expectations of better fourth-quarter 2012 and full-year 2012 earnings continue to keep the market on the upbeat,” said Jonathan Ravelas, chief strategist at Banco de Oro Unibank. “The market has still some gas to retry the 6,550 levels in the near term. However, bear in mind that the market is ripe for a near-term correction.”
Freya May Natividad, an analyst at 2TradeAsia.com, said local investors might search for a modest range to trade as they gather reasons that could propel the PSEi higher.
“Rises this week will take its support from a recovery in average momentum, plus sustained net foreign buying turnover,” Natividad said. “Spot for good buying opportunities.” Immediate support for the PSEi was seen at 6,480-6,500 and resistance at 6,600-6,650.
Natividad said 2012 earnings results should soon trickle in from select listed firms’ announcements in the coming weeks.
Get Inquirer updates while on the go, add us on these apps:
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94