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By Likha C. Cuevas, Reporter
THINGS are looking up for the
local bourse this week given the four-day climb in the Philippine
Stock Market index (PSEi) before closing for the Holy Week break
last Wednesday, analysts said.
Jose Vistan, senior research
manager for AB Capital Securities, said there are no selling
pressures in the horizon and investors continue to hold a bullish
outlook as benchmark interest rates have dipped to new all-time
lows.
“Add to that the several
investors’ briefing[s] and IPOs [initial public offerings] [that]
ha[ve] propped up the positive vibe in the market,” he said.
Recently, the country’s biggest
reinsurance company as well as the terminal supplier of a state-run
lottery held their respective investors’ briefing preparatory to
selling shares to the public for the first time this month.
The local bourse may continue to
climb for the week and by the time the index reaches 3,200 or 3,300,
“it may hit an initial psychological resistance,” Vistan said.
This, however, is unlikely to last as the market is supported by
corporate fundamentals, he added.
Another analyst said the
Philippines would track the international markets, which show signs
of an uptick. “We’ll continue to be dictated by the trend
overseas,” Astro del Castillo, managing director of First Grade
Holdings, said.
He said there are opportunities
for investors to engage in a little profit-taking. But the
consolidation period after the February shake-out is generally on an
upward bias, he added.
Before closing for the Lenten
break, Philippine share prices ended last Wednesday 1.42 percent
higher on the back of overnight gains in Wall Street and a benign
inflation rate for March, dealers said.
The consumer price index in March
rose just 2.2 percent year on year, the lowest inflation rate since
April 1987, with news sparking speculation the central bank might
cut interest rates as a result.
The composite index rose 46.23
points to 3,294.23 after trading between 3,248.00 and 3,297.91. The
broader all-share index rose 30.19 points to 2,099.88. Gains led
losers 83 to 16, with 66 stocks unchanged.
Volume was 5.9 billion shares
worth P5.3 billion.
 --With
AFP
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