Profit-taking likely but 9,000 in reach


Profit-taking could continue this week ahead of a stock market push to top the 9,000 level, analysts said.

“We saw somewhat of a pullback last week, which I think is going to continue … as we create a base between the 8,500 and 8,700 area to build more momentum to breach 9,000,” Eagle Equities, Inc. research head Chris Mangun said.

“If we see the market lose a hundred points or more [this]week, I would not be worried as these are buying opportunities,” he added.

The 9,000 level, Mangun claimed, could be breached over the next few weeks.

In a market note, online brokerage firm 2TradeAsia said brief pauses were likely but would be healthy enough to help the index climb to the 9,400 mark.

“As mentioned earlier, large fund managers are on comparison mode … and portfolio repositioning is expected as a result,” it said.

Among the events to look out for, analysts said, are the release of the implementing rules and regulations of Train Act and whether the law’s revenue estimates will be met.

The benchmark Philippine Stock Exchange index (PSEi) was flat on Friday, gaining just 0.02 percent or 1.37 points to close at 8,814.62.

The broader All Shares, meanwhile, dipped 0.05 percent or 2.66 points to finish at 5,098.75.


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