Quantcast
Latest Stories

PH market: Profit-taking seen



Share prices are expected to correct this coming week after closing at record highs yet again last Friday as investors pocket gains and fund managers look for a stronger base as the year comes to a close.

The benchmark Philippine Stock Exchange index (PSEi) closed at a record 5,552.34 on Friday, up 2 percent week on week.

This was hardly unchartered territory, however, with the PSEi already having reached an intraday high of 5,579.18 on Thursday.

Much of the rally in the past few days was fueled by merger talks between the country’s biggest banks. Ayala Corp., which was up 1.37 percent on Friday over the previous day, confirmed that it was in talks on a possible merger with Lucio Tan’s Philippine National Bank (PNB), which was also up 3.37 percent.

Other banks were rumored to be making a move on PNB as well, particularly Metropolitan Bank and Trust Co. (up 2.1 percent) and Banco de Oro Unibank (up 0.29 percent). Both denied making offers to acquire PNB.

In its weekly outlook, brokerage Accord Capital said the index was nearing the low end of the firm’s full-year target of the market closing between 5,600 and 5,800.

“Although we remain optimistic that our targets will be reached, we nevertheless place caution on the table on a possible pull-back in the ensuing days or weeks upon which the next rally will jump off in the final five weeks of the year,” Accord Capital said.—Paolo G. Montecillo


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: forecasts , Philippine Stock Exchange , Philippines , Stock Market , stocks



Copyright © 2014, .
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
Advertisement
Advertisement

News

  • Romblon mining site collapses; 3 killed
  • South Korea says 295 missing in ferry disaster
  • OFW who returned home from UAE tests positive for MERS-CoV – DOH chief
  • QC cops bear crosses as penance for demerits
  • Kim Henares needs a reprimand, says Cayetano
  • Sports

  • China, Taiwan rout foes for 3rd, 5th places in Asian Club volleyball
  • Ginebra’s new import Freeman arrives, makes PBA return vs ROS
  • Fielder ends HR drought, Rangers beat Mariners 5-0
  • Power Pinoys salvage 7th place in Asian men’s volley club championship
  • Knicks prevent Nets from clinching fifth seed
  • Lifestyle

  • Are your favorite malls open this Holy Week break?
  • Celebrate Easter Sunday at Buddha-Bar Manila
  • Moriones feast: A slow, steady transformation
  • Weaving ‘palaspas’ a tradition kept alive in Tayabas City
  • Finalists announced for best translated books
  • Entertainment

  • Mommy Dionisia Pacquiao’s greatest hits
  • Deniece Cornejo posts bail—report
  • Miley Cyrus hospitalized, cancels US concert
  • Otaku Summer Jam 2014: Summer’s hottest J-rock/Cosplay event
  • 2NE1 returns to Manila with “All Or Nothing” Tour
  • Business

  • I-Remit teams up with Lakhoo for remittances from Oman
  • Megawide nets P1.4 B in 2013
  • Longer TRO sought on rate hike
  • Make a stylish statement with the all-new Yaris
  • Hearing set in Olarte case
  • Technology

  • Smart phone apps and sites perfect for the Holy Week
  • Tech company: Change passwords or suffer ‘Heartbleed’
  • Filling the digital talent gap
  • SSS to shut down website for Holy Week
  • Another reason to quit social media this Holy Week: your safety
  • Opinion

  • We may never know
  • Couple of things
  • Mommy D’s magic
  • Stop bizarre and bloody Good Friday rituals
  • Holy Week taboos
  • Global Nation

  • Visa-free travel to Japan could boost tourism
  • 2 PCG men ordered arrested over Balintang Channel shooting
  • US Embassy closed on Holy Thursday, Good Friday
  • Relief worker draws inspiration from helping Yolanda victims
  • Philippines says peace pact should hold despite clashes
  • Marketplace