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Stock-Market Outlook | VG Cabuag

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Share prices went up slightly last week ahead of the first quarter reporting season, with the main index closing at the 6,500-point level.

It was a 4-day trading week as April 21 was declared a public holiday.

Juan Paolo Colet, managing director of China Bank Capital Corp., the cautiousness largely mirrors the United States markets, so any critical movement there could affect local trading. “Chartwise, the local market was able to close above its 10-day and 20-day exponential moving averages last week. These lines could be retested moving forward. If the market manages to maintain position above these lines, its next resistance is seen at its 50-day exponential moving average. The market’s support is seen at 6,400,” he said.Maybank Investment Banking Group kept its positive view on the country’s property sector due to sustained earnings growth amid bargain valuations.

 

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