LOCAL SHARES still have the momentum to continue their upward trajectory this week, analysts said, although initial market participation may be light as investors return after last week’s holiday.
This week’s market-moving data releases include US housing starts and
existing home sales for December, China’s gross domestic product for
2014, industrial production, and flash manufacturing index, as well as
Japan’s merchandise trade balance.
Last Wednesday, the benchmark Philippine Stock Exchange index recorded
new closing and intraday highs after jumping by 88.16 points or 1.19% to
end the week at 7,490.88, from Jan. 9’s 7,402.72 close.
The broader all-shares index also climbed by 39.35 points or 0.91% to 4,376.25 from 4,336.90 in the same comparable period.
Trading at the local bourse was suspended on Thursday and Friday as the country welcomed Pope Francis. US markets are closed today in commemoration of Martin Luther King, Jr. Day.
“The market is still going to maintain its upward momentum but it will be probably lower than last week. We will start the week a bit slow because of the holiday in the US,” Luis Gerardo A. Limlingan, managing director at Regina Capital Development Corp., said in a phone interview on Sunday.
The broader all-shares index also climbed by 39.35 points or 0.91% to 4,376.25 from 4,336.90 in the same comparable period.
Trading at the local bourse was suspended on Thursday and Friday as the country welcomed Pope Francis. US markets are closed today in commemoration of Martin Luther King, Jr. Day.
“The market is still going to maintain its upward momentum but it will be probably lower than last week. We will start the week a bit slow because of the holiday in the US,” Luis Gerardo A. Limlingan, managing director at Regina Capital Development Corp., said in a phone interview on Sunday.
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