The local stock barometer is seen to consolidate this week as investors reassess recent gains, sift through pricey stocks and await fresh catalysts from the corporate earnings season and President Duterte’s first State of the Nation Address (Sona).
Last week, the Philippine Stock Exchange index (PSEi) breached the 8,100 mark for the first time in 15 months but succumbed to profit-taking. It ended the week flat at 8,025.35.
Banco de Oro Unibank chief strategist Jonathan Ravelas noted that investors last week pocketed gains ahead of President Duterte’s Sona.
During the week, the market set a new peak for the year at 8,118.44—not too far from the all time highs seen in April last year.
“Chartwise, the week’s close at 8,025.35 suggest a near-term top may be in place at the week’s high of 8,118.14. Look for a break below the 7,960 levels to signal further weakness toward the 7,500-7,800 levels,” Ravelas said. TVJ
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.