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Optimism may buy market next week

Traders said the initial three-day trading week may post soft trades as participants gradually return from the holiday break. File

MANILA, Philippines — The year 2017 proved to be a good year for the local equities market with the benchmark Philippine Stock Exchange index (PSEi) closing the year on a new record high, reversing two years of decline.

For next week, as another year opens, optimism is expected to prevail, hitching on the gains achieved in 2017.

Traders said the initial three-day trading week may post soft trades as participants gradually return from the holiday break.

“Any lull, however, would be a good opportunity to position on bargains especially those that have formed a solid base or have retracted from their recent highs.  Immediate support is at 8,470 to 8,500, resistance at 8,600 to 8,610,” F. Yap Securities Research Team said in a market report.  

The PSEi hit another record closing high at 8,558.42 on Friday, up 23.33 points, or 0.27 percent, while the broader All Shares gauge gained 26.27 points, or 0.53 percent, to finish at 4,989.97. 

“Philippine equities ended 2017 on a cheerful beat, as investors turned to prospects for the upcoming year following the passage of the tax reform package and other encouraging leads overseas,” F. Yap Securities said. 

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The highest for PSEi since yesterday was an all-time intraday high of 8,605.15 achieved on Nov. 3 while the previous high was recorded on Dec. 28 at 8,535.09.  

F. Yap Securities said the tax reform package of the administration would translate to increased consumer spending. 

“Increased consumer spending is in the cards as exemptions and lowering of personal income tax bracket push up purchasing power within 16 percent and 22 percent for majority of the salaried workforce. Complemented by prudent spending scheme, consumers will also have an extra window to improve on savings and investment,” F. Yap Securities said.

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