Share prices gained last week on optimism for the New Year, as investors shrugged off the record inflation in December.
The benchmark Philippine Stock Exchange index rose 101.58 points to close at 6,667.97 points during 4 days of trading.
Average trading reached P5.31 billion, with foreign investors, which cornered 38 percent of the trades, were net buyers at P1.09 billion. Top losers, meanwhile, were Vivant Corp., Imperial Resources Inc., Lorenzo Shipping Corp., MJC Investments Corp., iPeople Inc. and Haus Talk Inc.Share prices may go down this week on rumors of destabilization efforts against the Marcos government, following the series of resignations at the Department of National Defense, which has been flooding chat groups.Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc.
Chartwise, the market’s support is seen at 6,600 points, resistance is seen at the 7,000 to 7,100 range.Broker Regina Capital Development Corp. advised to buy when support holds for Aboitiz Power Corp. as its technical readings showed that the stock is in store for a downturn. “Indicators are also showing waning buying pressure. All things considered, AP could go down further and possibly retest the dynamic support at its 50-day moving average, currently at P33.60.
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