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* LAST
week: Share prices fell 0.86 percent week-on-week to
2,915.67 as investors remained cautious. No clear
direction was seen in the global-equity markets. Value
turnover fell below P2.5 billion in the last seven
sessions and twice below the P2-billion level.
* THIS
week: According to Jonathan Ravelas, a market strategist
at BDO-EPCIB, last week’s close implies the bears are
still in control. “Expect a test of the 2,850 [support
level]. Only a break [through] the 2,970 [psychological
resistance level] could call the bulls back to play to
test the 3,050 [technical resistance level],” he said.
For his
part, AB Capital Securities analyst Prince Anthony Yeung
said players might see another week of dull performance
by the market.
“Past
trends of thin trading and flat movements are expected
to persist this week. Whether the market eventually
moves up or down when it finally breaks this
consolidation will depend largely on how the US and
local economies are seen to shape up,” he said.
* STOCKS
to watch: Yeung said bouts of bargain hunting and
profit-taking are expected this week.
“However, investors are now slower to take on risk and
quicker to liquidate their positions [as soon as the
next possible opportunity arrives]. Investors are eager
to take advantage of rallies, albeit small ones… to take
quick profits or cut losses. The trading range for this
week will be between 2,870 and 2,950 as the local market
continues to find no major event or catalyst to break
its sideward movement,” he noted.
Some
traders, on the other hand, are placing their bets on
blue chips like Ayala Corp., Globe Telecom and
Philippine Long Distance Telephone Co. |
