THE LOCAL stock market was on holiday break Friday in celebration of Andres Bonifacio day while regional markets were mostly firmer following an overnight rebound in Wall Street.
For the four-day trading week, the main-share Philippine Stock Exchange surged 1.56 percent to end on Thursday at 5,640.45, a new record high. An intra-day peak at 5,650.10 was touched also on Thursday. Last Wednesday’s announcement of a higher-than-expected 7.1-percent Philippine gross domestic product growth for the third quarter provided a catalyst to the market.
Across the region, markets were mostly higher Friday, taking their cue from US stocks overnight, which ended higher after choppy trading as some investors bought on dips amid lingering American fiscal concerns.
As the main index hit new highs, however, foreign investors were on a profit-taking mode, resulting in a net foreign selling position of P728 million.
“Next week, the Philippine market may experience profit-taking as it continues to post new highs albeit uncertainties in US and European markets,” BPI Securities said in a research noted.
BPI Securities said the PSEi’s next support was at 5,505 and resistance at 5,700.
The local brokerage said the US economic indicators due next week were ISM manufacturing index, construction spending, productivity and costs, factory orders, jobless claims and employment situation. Doris C. Dumlao