PH stocks seen to continue gaining ground

Local stocks are seen to trade with upside bias this first trading week of 2018 as investors seek to ride on upbeat prospects this new year.

The stock market will resume trading on Jan. 3 after the New Year holiday break.

Last week, the Philippine Stock Exchange index added 126.11 points or 1.5 percent to close on Friday at 8,558.42, its best-ever finish. A new intra-day peak of 8,640.04 was likewise hit during the last session of the year.

“The market closed on a positive note [on Friday] reaching an intraday high of 8,640 and on above-average value turnover of P7 billion, as investors continue to be bullish on the market’s prospects against a backdrop of cautious tightening by foreign central banks,” said PNB Securities president Manuel Lisbona.

“Expect a correction with the next few trading sessions—which can be treated as opportunities to add to positions,” Lisbona added.

For the whole of 2017, the PSEi gained a total of 1,717.78 points or 25.1 percent as investors bet on another bullish year ahead. The performance in 2017 reversed the slump seen in the last two years. The PSEi fell by 1.6 percent in 2016 and lost 3.85 percent in 2015.