Stocks forecast to rise

AFTER a long Lenten break, local stocks are seen to trade in an upbeat note this week as quarter-end window-dressing activities may lift large-cap stocks.

Last week, the Philippine Stock Exchange index (PSEi) rose by 0.7 percent or 53.31 points to close on Wednesday at 7,360.05.  The local stock barometer has thus risen for the fourth straight week.

Financial markets were closed on Maundy Thursday and Good Friday as the predominantly Catholic nation paused for the Holy Week.

Joseph Roxas, president of Eagle Equities Inc., said the market might firm up this week as investors close their books for the first quarter.

Banco de Oro Unibank chief strategist Jonathan Ravelas said the market rose last week as investors were taking more risk with the improved outlook on the global economy.

“Chartwise, continue to see the market to range between 7,000 and 7,350 in the week ahead,” Ravelas said.

After a turbulent start for the stock market this year, external risks were slowly waning with the rebound in global oil prices while the country’s macroeconomic fundamentals remained attractive to investors, a joint research note by First Metro Investments Corp. and the University of Asia & the Pacific said. Doris Dumlao-Abadilla