PH shares poised to trend upward

The benchmark Philippine Stock Exchange Index could edge higher this week as investors position ahead of an earnings season kicking into full gear.

Apart from earnings, investors will be looking closely at the release of economic growth and inflation figures.

The PSEi ended the week at 7,140.29, up 1.77 percent.

Some observers said this could set the stage for a further uptick.

“With earnings results, this might entice some investors to come back in the market,” said Astro del Castillo, managing director of First Grade Finance Inc.

“Hopefully, the ghost of halloween will be out by the week,” he added.

Luis Gerardo Limlingan, managing director at Regina Capital Development, said earnings results would help drive sentiments apart from inflation data on Nov. 6 and the release of gross domestic product results on Nov. 8.

He pegged the support level at 7,000 while resistance stood at 7,200.