Lift seen from earnings results, window-dressing
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Sun, 24 Feb 2019 16:19:05 +0000
THE stock market could trade higher this week following the release of fresh earnings reports and month-end window-dressing, analysts said.
Hopes of positive developments in US-China trade talks that buoyed Wall Street on Friday could also provide a lift despite a looming March 1 deadline.
In a phone interview, Summit Securities Inc. President Harry Liu said 2018 profit disclosures due this week could provide a pick-up despite a shortened trading week.
Philippine financial markets will be closed Monday as the country celebrates the anniversary of the 1986 EDSA People Power Revolution.
Among the firms scheduled to release earnings results once the market opens on Tuesday are blue chips Sy-led SM Investments Corp., BDO Unibank Inc., as well as Manila Electric Co. and Manila Water Co.
Eagle Equities Inc. research head Christopher Mangun echoed Liu’s view and added that investors could also go hunting for bargains as the market was down 0.56 percent for February.
“[This] week is the last trading week for the month … and investors may want to end the month in the green,” Mangun said.
A stronger local currency — the peso gained 6.5 centavos to close at P52.065 on Friday — could also help boost investor sentiment, he added.
On the international front, Mangun said market players would be looking for fresh news about US-China trade talks that were extended to Sunday in Washington.
|On Friday, US President Donald Trump said two days of negotiations last week were “very good” and again reiterated that he could move the
March 1 deadline for the imposition of fresh tariffs on Chinese goods.
He also said that a summit with Chinese President Xi Jingping could be held “probably fairly soon in the month of March”.
On Friday, the bellwether Philippine Stock Exchange index rose by 0.39 percent or 30.83 points to close at 7,962.13, while the broader All Shares increased by 0.55 percent or 26.83 points to finish at 4,883.83.
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