PHL shares to retest 6,600 support despite firm opening

Shares on the Philippine Stock Exchange opened on a firm note Tuesday, but the technicals point to a possible retest of the support level in the absence of a more potent catalyst to lift prices in the aftermath of the recent sell-off.

The main PSEi slipped by 4.79 points or 0.07 to 615.160 as of 10:39 a.m., after touching 6,644.01 at 10:22 a.m.

“The market is retesting the 6,600 support,” said Freya Natividad, investment analyst at Papa Securities Inc. “Rises might be moderate for now, given the pale value turnover since last week,” she added.

Investors are in some sort of wait-and-see mode in the sense that that there is a kind of searching “for other catalysts that could support the local mart's stronger rallies,” Natividad noted.

Overnight gains on Wall Street had slight impact on Philippine shares, and investors remain cautious after the market took some beating last month that chopped off the gains so far in the year. — Victor Sollorano/GMA

News

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Ayungin dilemma Ramon Casiple - Parallaxis
    Ayungin dilemma

    China faces a dilemma in Ayungin Shoal and other contested areas. If it waits for the ITLOS—which may decide against it—it would have tacitly bound itself to UNCLOS and risk a rogue state reputation if it asserts its claim in the South China Sea. If its militarily acts now, it may face international isolation. …

  • 48 nabbed in biggest anti-trafficking catch in Bongao VERA Files - The Inbox
    48 nabbed in biggest anti-trafficking catch in Bongao

    By Jake Soriano, VERA Files Bongao, Tawi-tawi—A team of Marines and policemen intercepted around noon Thursday 48 people, 12 of them minors, believed recruited by a human trafficking syndicate for work in Malaysia. The arrest constitutes what advocates called the … Continue reading → …

  • Docs vow to pay right taxes, make peace with BIR VERA Files - The Inbox
    Docs vow to pay right taxes, make peace with BIR

    By Kiersnerr Gerwin Tacadena, VERA Files Leaders of the medical profession have made peace with their former adversary, the Bureau of Internal Revenue (BIR), and joined forces in a campaign to get doctors to pay the right taxes. BIR Commissioner … Continue reading → …

POLL
Loading...
Poll Choice Options