Market on a downtrend
The local stock market is on a holiday break Tuesday and on Wednesday in celebration of the New Year.
The main-share Philippine Stock Exchange index moved 1.3 percent higher in 2013, rising for the fifth straight year, due to window-dressing activities in the last trading days of the year.
Value turnover was thin in the last two weeks of 2013 as many investors have gone on an extended break.
“Market remains to be on a downtrend. A retest of previous lows at 5,678 (June 2013) and 5,562 (August 2013) is still a possibility, which could signify a triple bottom scenario,” DA Market Securities said.
On the other hand, DA Market said a break of 6,000 on the upside could mean a return to strength, testing resistance levels at 6,265 and 6,482.
The 6,482 level, DA Market said, would be pivotal to break out of the downtrend. Doris C. Dumlao
