Traders said market investors would be looking at President Duterte’s State of the Nation Address and second quarter corporate earnings.
BusinessWorld/File
PSEi may trade higher this week
Iris Gonzales (The Philippine Star) - July 22, 2019 - 12:00am

MANILA, Philippines — The Philippine stock exchange index may trade anywhere between 8,150 and 8,200, and may even try the next support level of 8,450 this week, traders said.

Traders said market investors would be looking at President Duterte’s State of the Nation Address and second quarter corporate earnings.

“For now, markets will heed first half earnings results, as well as guidance on how second half would fare,” 2TradeAsia.com said.

Moving forward, 2TradeAsia said investors may seize on some rallies ahead of the Chinese ghost month of August.

“With the upcoming ghost month however, expect some players to seize on intra-day rallies. Continue to trade a good range and aim for second half prospects. Immediate support is 8,150 to 8,200, resistance at 8,350 to 8450,” the online market research portal said.

Last week, a generally positive sentiment prevailed at the stock market.

“Prospects for accommodative monetary policy kept sentiment buoyant during the week, pushing the Philippine Stock Exchange index 128 points up at 8,270. Lead gainers were mining and oil, up 9.3 percent, financials, up five percent and holding firms up 2.4 percent. Market breadth was positive 108 to 83,” 2TradeAsia said.

It also noted a number of improving indicators in the market last week.

“Key items are worth considering during the week’s performance. Range tradability has improved by 43 percent to 266 points from 8,153 to 8419 from prior week’s 187 points. Average turnover grew 23 percent to P7.33 billion and average net foreign buying widened to P178 million from only P120 million. These are good signs for improving appetite for risk, anchored mainly on monetary easing measures from the Fed and the Bangko Sentral ng Pilipinas,” 2TradeAsia said.

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