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