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PH stock consolidation seen to continue



Local stocks are seen to consolidate this week after the profit-taking seen in the previous week.

The main-share Philippine Stock Exchange index slumped 2.62 percent last week to finish at 6,654.66 on Friday.

Banco de Oro Unibank chief strategist Jonathan Ravelas said the market posted its second straight week of decline as investors capitalized on recent gains ahead of the Holy Week.

“Chartwise, the week’s close at 6,654.60 continues to highlight that a near-term correction is in the works,” Ravelas said. “A further break below the 6,650 levels will put the 6,000-6,250 levels at risk.”

But if the 6,650 level would hold, Ravelas said the market would likely retest the 6,800 levels.

Freya May Natividad, an analyst at 2TradeAsia.com, said Standard & Poor’s warning of possible capital reversal in case advanced economies signal solid economic recovery dented sentiment last week.

She said local barometers might go on “stabilization mode” in the coming weeks following the latest correction. This pattern should be maintained within the 6,600-6,650 range to support the PSEi’s ascending channel, she said.

If the 6,600 immediate support would be broken, some traders might reassess their views on market trend.

Natividad said it would be best to trade within a range and spot for large-cap followers or the so-called second-liners that have good leads to unlock, such as those in mining/oil, financial, infrastructure and utilities counters.

Resistance is seen at 6,700 to 6,750.—Doris C. Dumlao


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Tags: forecasts , Markets and Exchanges , Philippines , stocks

  • http://profile.yahoo.com/SPLUBLEOSERDBOIJTDOC6XIWGU mxsclxmxn

    Masons have mixed idolatry, paganism, the occult, Gnosticism, Kabala, fertility cults, Satanism, spiritualism, demonology, and put it into a blender and come up with the Masonic religion. It is not of God! It is a false religion; the Harlot of Babylon. Masons say they offer new candidates “the light”. The light they are actually giving is: Lucifer. The Christian Bible says that Satan walks to and fro on this earth masquerading as an “angel of light”, that many might be deceived.

    Satan’s Synagogue as per Pope Clement XII year 1738

    In the P100 BILL series 2012 Serial # ZK188477 has a logo of the Grand Lodge of Free and Accepted Masons. Freemasonry has its goal of destroying Christendom and replacing it with man-centered government and Satanic religion filled with errors.

    How can this logo of a satanic group be allowed to print in the monetary instrument of the country with the constitution believing in a God asking for HIS Divine Providence?

    In Freemasonry the god of the secret societies is covertly substituted for the One True God. This false god is identified in the Masonic lodges as “the Great Architect.”

    Since Freemasonry has attempted so strenuously to claim that they are just a “good ole boy” fraternity that does good works and has a good time, most people will be shocked to learn the bitter truth behind that facade. Freemasonry certainly isn’t “free”. It could cost you your soul.

    Once Masons progress to the higher degrees and they finally believe the ‘Masonic lie”; and they will ‘understand’ that the Grand Architect of the Universe is not the God of the Old or New Testaments, but instead is the perfect dues paying Mason in good standing, who like the statue example above, they chipped away at, and finally shed needless ‘layers’ from both their old useless religion, and from loyalties outside of Masonry, which all along were what concealed them from their own personal true image, as the one and only real God.

    Freemasonry is one of many apostate religions dedicated to the destruction of traditional Judaism and Christianity. Those who aspire to grow in their closeness to Jesus Christ, and to increase their discernment in these days, would do well to stay very clear of Freemasonry. Are your loyalties with Jesus Christ or are they with the lodge? Both are diametrically opposed to one another as you will see below.

    An insidious byproduct of Freemasonry is to keep husbands and wives out of churches & away from their children and their homes…

    Satan does not need to receive worship to achieve his goals. All he has to do is to keep a man from following Jesus. Satan knows that anyone who does not follow in the teachings of Jesus does not have God. (2 John 9)

  • NoWorryBHappy

    SELL !
    Let me spell that : S-E-L-L (all in upper case)
    Huwag kayong magpapaniwala sa mga “new highs” at saka mga pinagsasabing
    “consolidation”, “correction”, at saka “stabilization mode”.
    Inuuto lang kayo. Gumaganda na ang ekonomya ng Estados Unidos.
    Ibig sabihin ay binabawi na nila ang pera nila at kumita na sila. Ibabalik na
    sa Tate ang kanilang kinita at pinuhunan. SELL ! SELL ! SELL ! Si Henry Sy lang
    ang makikinabang diyan.

    .

    • M A

      nagbenta n nga ako e hehe….ndi ko namonitor market last week! dpat last week p ko nag benta e grrrr



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