Connect with us

Hi, what are you looking for?


PHL shares to climb on change in US leadership

By Revin Mikhael D. Ochave, Reporter

STOCKS are expected to climb this trading week with market sentiment getting a boost from the upcoming change of leadership in the United States (US).

The 30-member Philippine Stock Exchange index (PSEi) ended at 7,289.88 on Friday, higher by 170.27 points or 2.39% from the previous trading session.

On a weekly basis, the main index improved 150.17 points or 2.1%, bouncing back from the prior week’s decline.

Average value turnover rose 10.3% week on week to P10.61 billion, while average net foreign selling widened to P290 million.

Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said in a mobile phone message that the local market may improve this week as US President Donald Trump announced he will not serve a second term in office.

Reuters reported that Mr. Trump acknowledged a new administration would be sworn in on Jan. 20 and promised a smooth transition. This was after Trump supporters stormed the US Capitol last week.

However, Mr. Pangan said the market may also see a downside risk as countries across the world return to stricter quarantine measures due to a fresh surge in coronavirus cases.

Reuters said Cyprus and Israel declared tighter measures on Friday in an effort to mitigate the increase in new COVID-19 cases. It added that Cuba on Saturday announced new containment measures after reporting a surge in COVID-19 infections over the holidays.

Online brokerage meanwhile said in a market note that the PSEi will be affected by developments on the new coronavirus strain and its effect on the Philippine economy.

“International flights are again being heavily regulated, impacting the aviation and tourism industries. Lockdowns are again at the forefront, especially as Metro Manila remains to be in modified general community quarantine limbo,” said.

“The saving grace is that vaccines in development also address the new strain. It all boils down to vaccine deployment,” it added.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile phone message that the market’s resistance to beat for the week is at 7,300, with the PSEi seen to test 7,500. meanwhile put the market’s immediate support at 7,100, secondary support at 6,950, and resistance at 7,500 to 7,700.

“As we move to the second trading week of the year, the market may try to retest and break out of its nearest resistance at 7,300. Otherwise, it may go back to its nearest support level at the 7,000-7,050 area,” Mr. Pangan said.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Start-ups backed by venture capital (VC) could be wiped out in droves this year as cash dries up and investors turn off the taps,...


Next has bought the Cath Kidston brand name for £8.5m, after the vintage-inspired British retailer fell into administration for the second time in two...


A London-based corporate intelligence specialist set up by former spies has launched an investment fund to support high-growth companies with the knowledge that it...


Cheap imported products made in polluting factories abroad may face new green import taxes and middle-income families will be given grants to make their...


Start-up organisation Tech Nation said it is in talks to sell its brand to Brent Hoberman’s Founders Forum today as it prepares to wind...


The Philippine Franchise Association (PFA) will be holding a Regional Franchise Show featuring more than 60+ franchise brands in SM Lanang Premier on March...

You May Also Like


Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...


The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.