SHARE prices slid slightly last week as the main index shrugged off the gross domestic product figures for 2022 of 7.6 percent, touted by officials as the country’s highest in 46 years.The main index moved sideways all week, moving within its resistance range of 7,000 points to 7,100 points.
Other sub-indices ended mixed. The All Shares index gained 14.77 points to close at 3,697.63 points. The Financials index rose 4.63 to 1,816.69. The Industrial index fell 27.36 to 9,888.83. The Holding Firms index was up 49.56 to 6,892.35. The Property index was down 7.67 to 3,115.97. The Services index declined 16.37 to 1,758.68 and the Mining and Oil index dropped 217.54 to 11,601.36.The top gainers were Cemex Holdings Philippines Inc., Xurpas Inc., Roxas Holdings Inc.
Meanwhile, broker 2TradeAsia said the surprise GDP growth in the fourth quarter, could also imply that some inflation has crept in and shrugged off the US Fed’s rate hike last year. The local market’s 10-day exponential moving average is seen as its immediate support at 6,900, and its resistance remains at the 7,000 to 7,100 range.BROKER Regina Capital Development Corp. advised to buy the stock of telecom giant PLDT Inc. as its price recovery looks promising, based on its technical analysis.