MANILA, Philippines – The local stock barometer edged higher on the first trading day of 2015 on Monday, riding on the favorable momentum from the last yearend run-up.
Rising for the sixth straight session, the Philippine Stock Exchange index gained 46.06 points or 0.64 percent to close at 7,276.63 in mixed trade.
PSE officials rang the opening bell to welcome 2015 and start the first trading day of the year.
“I hope that 2015 will be the year when we see more of our countrymen reap the benefits of investing in the stock market. And with our individual endeavors as well as collective effort, I am optimistic that we can help bring financial freedom to more Filipinos,” PSE chair Jose Pardo said in his welcome remarks during the program on Monday.
The day’s PSEi gain was led by the holding firm counter — a proxy to the domestic economy — as this sub-index rose by 2 percent. The financial and mining/oil counters also firmed up. On the other hand, the industrial, services and property firms ended lower.
Value turnover for the day amounted to P7.2 billion. There were 99 advancers, which edged out 87 decliners while 42 stocks were unchanged.
Local stock brokerage Regina Capital Development Corp. said in a research note on Monday that trading the range would be its main strategy for this month – as well as likely in the coming months – until the showing of signs of a trend reversal.
“Since prices are trading near resistance, expect some pressure this week so we advise traders to taking some profits on issues trading near the highs,” the brokerage said in a research note on Monday.
Monthly target price was set at 7,360, Regional Capital said.
After surviving a seemingly bearish December 2014, the brokerage said there would likely be a clear consolidation range between 6,930 and 7,360.
Keeping the moving average intact is seen crucial for the index this first quarter, noting that a breach could lead to a trend reversal and lead declines back to 6,650 initially.
The brokerage said current levels were already “good” entry points for investors but noted that traders might opt to wait for a breakout, especially for those looking for clear buy signals.
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