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Stock-Market Outlook | VG Cabuag

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Share prices rose last week, with the main index closing at the 7,000-point level, on favorable inflation outlook and promising corporate earnings.

The main index was up for only two days, but it was enough to allow the trading week to end in the green.

Top losers, meanwhile, were Berjaya Philippines Inc., Anchor Land Holdings Inc., MJC Investments Corp., Macay Holdings Inc., Primex Corp., Asiabest Group International Inc. and Dizon Copper-Silver Mines Inc.Share prices may continue its upward trend this week, but analysts said volatility could run high in the trading on speculations in the run up to the United States Federal Reserve’s first policy meeting during January 31 to February 1.

Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said the main index may continue to test the 7,000 to 7,100 resistance range. The local market’s 10-day exponential moving average is seen as its immediate support followed by the 6,800 level, he said.Maybank Securities Philippines Inc. gave a buy rating on the stock of Bloomberry Resorts Corp. as its share price is traded at a 57 percent discount compared with its gambling peers in Macau.

 

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Business Mondays with BM: January 23, 2023Welcome to Business Mondays with BM, a segment of the BusinessMirror Broader Look podcast that tackles the performance of the Philippine stock market. The Business Mondays with BM podcast is based on the Stock Market Outlook story written by BusinessMirror reporter VG Cabuag and comes out every Monday.
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