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SM Investments , SM Prime Holdings , Ayala Land , International Container Terminal , ACEN Corp. , Aboitiz Equity Ventures , Jollibee Food , to mention a few, provided the additional boost to push up the rest of advancing sectors, while the only losing counter for the day, which was the mining and oil sector, was pulled down largely by Philex Mining and PXP Energy.
Likewise, bull markets are characterized by widespread optimism, solid investor confidence and strong expectations that the market rally will continue for an extended period of time. The first stop was with Joey Roxas, who is the chief trader and president of Eagle Equities Incorporated. While he recognizes the fact that the market has entered bull market territory, he doesn’t seem to be too excited, much less enthusiastic, on how far it would go. To him, the market’s advance will be greatly hampered to swing beyond 7,500 or its thereabouts considering what is all happening around at the moment. If ever, the market may be able to climb by another 300 points only by yearend.
De la Peña reserves to give further comments about the market’s run until he sees more trading volume across the board. Until then, he has no clear picture on how high the market could ride. “Healthy bull run must be supported by healthy market volume,” he added. The reversal could be traced to have started from the middle of the year, and that its impact could drive the market by another 200 basis points more — but here is the catch — as this may still happen through the end of 2025 considering that “gross volume of foreign buying hasn’t actually improved and remains in a downtrend.”
However, because of new initiatives to draw higher economic growth around the world, including China, Beltran and his stockbrokerage firm feel “the market will continue to form higher highs in the process.” In an order dated August 27, 2024, the Office of the Ombudsman levied a six-month preventive suspension on Dimalanta “in connection with the complaint filed by the National Association of Electricity Consumers for Reforms Inc. for grave misconduct, grave abuse of authority, and conduct prejudicial to public service.”
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