LST WEEK
SHARE prices inched higher with the main index returning to the 8,300-point level while hitting another record high during last week’s trading. The benchmark Philippine Stock Exchange index (PSEi) closed at 8,310.88 points, or 139.45 points higher than the previous week.
The main index was up almost all week, closing at a new record high of 8,344.05 last Wednesday.
Intraday, the PSEi reached another record level at 8,377.79 last Tuesday. It gave up points last Thursday but managed to close higher last Friday. “Optimists prevailed during the week on positive expectation on third-quarter earnings and US President Trump’s tax-overhaul proposal,” broker 2TradeAsia said. Despite the increase, foreign investors were net sellers at P1.41 billion, as average trading value for the week was at P6.5 billion.
Among the subindices, only the Industrial index was down, giving up 33.70 points to 11,113.18, while all other closed on the green. The All Shares index rose 48.09 points to 4,889.44 points, the Financials index gained 36.94 to 1,998.18, the Holding Firms index soared 233.78 to 8,455.45, the Property index was up 5.48 to 3,856.39, the Services index added 32.75 to 1,748.91 and the Mining and Oil index expanded 28.22 to 13,982.53. For the week, gainers edged losers 122 to 106, and 22 shares were unchanged. Top gainers for the week were LMG Chemicals Corp., Apollo Global Capital Inc., Jolliville Holdings Corp., Pacifica Inc., Golden Haven Memorial Park Inc. and Filipino Fund Inc.
Top losers, meanwhile, were Philippine Trust Co., Panasonic Manufacturing Philippines Corp., Prime Media Holdings Inc., Cityland Development Corp., Citystate Savings Bank Inc. and Macay Holdings Inc.
THIS WEEK
SHARE prices may fall this week as investors are expected to pocket gains from the previous trading sessions.
“Market participants will wait with bated breath legislators’ agreement on the final tax-reform plan, which should bring about increased disposable income and savings,” broker 2TradeAsia said in a research note.
“While we anticipate another volatile session given the tug-of-war between
buyers and sellers, the overall backdrop is growth affirmative, supporting valuations
aided by strong fundamental angles,” it added.
Immediate support of the main index is seen at 8,270 to 8,300, and resistance level at 8,470.
STOCK PICKS
BROKER Regina Capital and Development Corp. said shares of DMCI Holdings Inc. tried to breach its resistance level of P15.90 last week but failed, remaining at its 20-day moving average.
“It lacks momentum and is seen to be trading flat in the week,” the broker said, placing a hold recommendation on the stock.
DMCI shares ended last week at P15.80 apiece.
Meanwhile, the broker also gave a hold recommendation on the stock of International
Container Terminal Services Inc. (ICTSI) as it also tests its resistance level, which it placed at P107.10 per share.
“Technical indicators appear bearish to neutral. The stock also lacks momentum to drive the prices up,” it said.
ICTSI shares closed last week at P105.80 per share.