Market expected to consolidate
BY KRISTA ANGELA M. MONYTEALEGRE
PHILIPPINE share prices may continue consolidating in the absence of leads to lift the market higher.
The market is seen to stay within its current trading range of 4,200 to 4,300 and may begin the week on an upbeat mode following its strong two-day winning run.
“The main index may top 4,300 once again but will not find enough reason to post a new year-to-date high,” said Prince Anthony Yeung of AB Capital Securities Inc.
“Technically, the market leaves investors on the sidelines waiting for a more convincing signal that a sustainable rebound is underway,” said Jun Calaycay of Accord Capital Equities Corp.
The back-to-back gains that ended the previous week erased nearly the 94.18 points of aggregated losses to just 10.65 points or 0.25 percent on Friday following volatile trading in the US market and debt jitters from Europe.
Support is at 4,230 with initial resistance at 4,300, extending to 4,330, Calaycay said.
The trading week opens with the release of the first quarter gross domestic product report. Expectations suggest a significantly slower year-on-year pace on the back of a normalization in farm output.
The projected expansion is between 4.8 and 5.8 percent, slower than
the 7.1 percent growth in the same period last year, which got a boost from election spending.
Lingering uncertainties in the global markets may also temper risk-taking among investors.
“Principal sources of negative volatility and increased risk will come from developments in Europe’s struggle to address, contain and prevent a recurrence of the debt and deficit problems besetting at least five member economies,” said Calaycay.
On Friday, the Dow Jones industrial average rose 38.82 points, or 0.3 percent, to 12,441.58 after consumer confidence rose unexpectedly this month coupled with rising personal income and spending.
US economic indicators that will be released this week are consumer consumer confidence, ISM manufacturing index, jobless claims and employment situation. Trading in Wall Street will be shortened by Memorial Day holiday on Monday (Tuesday in Manila).
Source: http://www.manilatimes.net/business/market-expected-to-consolidate/
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(045) 599-5600
0922-870-5178
0917-520-4401
Ask for Pedro and Rechel
Getting to this fine dining restaurant of Angeles City Clark Freeport Zone Pampanga Philippines
How to get to this fine-dining restaurant in Clark Philippines? Once you get to Clark Freeport, go straight until you hit Mimosa. After you enter Mimosa, stay on the left on Mimosa Drive, go past the Holiday Inn and Yats Restaurant (green top, independent 1-storey structure) is on your left. Just past the Yats Restaurant is the London Pub.
Yats Restaurant & Wine Bar
Mimosa Drive past Holiday Inn, Mimosa Leisure Estate,
Clark Freeport Zone, Pampanga, Philippines 2023
Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 Rea or Chay
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