Sunday, March 24, 2013

Stocks seen to stabilize





After pulling back in the last three weeks, the local stock market may stabilize this week on the back of month- and quarter-end window-dressing activities alongside some bargain-hunting.


Last week, the main-share Philippine Stock Exchange index fell by 135.95 points or 2 percent to close at 6,518.71 on Friday. The market rebounded in the last two trading sessions but the recent gains were not enough to recover what was lost in the first three days of the week.


As the nation pauses for a Lenten break this week, trading activity is expected to decline but the bias is usually on the upside during this season.


“The Holy Week is usually a period of bargain-hunting, especially if in the week before, the market is down. But gains are usually not big,” said Joseph Roxas, president of local stockbrokerage Eagle Equities Inc.


While overall sentiment seemed positive, it was only deemed fitting that the PSEi take a rest after successfully rallying up to more than 6,800 in the past weeks, said AB Capital Securities analyst Maria Arlysa Narciso. She noted that the recent correction had found a floor at 6,440.


“With the recent decline of the market, this would be the ideal time to buy beaten down stocks with compelling valuations and growth drivers. Given the prevailing economic situation and developments, we have identified some election- and consumer spending-related stocks, gaming issues and stocks that will benefit from the low interest rate environment,” she said. Doris C. Dumlao


Follow Us


Recent Stories:


Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Short URL: http://business.inquirer.net/?p=113913


Tags: Business , money , News , Philippine Stock Exchange , Philippine Stock Market



Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:




seo tools

No comments:

Post a Comment