Sluggish trading expected this week
TRADING Exchange is expected be sluggish during the three-day trading week with at the Philippine Stock investors looking overseas for guidances.
The local financial markets will be closed on Tuesday to celebrate the country's Independence Day and on Friday in observance of the end of Ramadan.
Investors overseas will be looking for cues from several US financial data that will be released this week, as well as the the outcome of the G7 summit held over the weekend.
Local investors, meanwhile, will be awaiting the release of the latest data on foreign exchange remittances.
"Most of the technical indicators are slightly bullish. If buying appetite continues to strengthen, the index could maintain its position above the 50-day moving average," Luis Limlingan, managing director at Regina Capital Development Corp., said.
"Strong resistance still remains at 7,850 while support is at 7,450," Limlingan said.
After several consecutive weeks of decline, the Philippine Stock Exchange Index finally ended on the positive, rising 1.4 percent to 7,740 points, while the broader All Shares climbed 1.1 percent to 4,690.
All major sub-indices ended in the red led by mining and oil (+2.55 percent), services (+2.11 percent), financial (+1.9 percent) and holding firms (1.3 percent).
Foreign investors remained net sellers for the week by P2.08 billion, while the daily value turnover stood at P5.8 billion, down from the previous week's average of P8.3 billion.
Weekly top price gainers included Atok Bing Wegde Co., which rose 45 percent to P28.70; Cemex Holdings Philippines Inc., which advanced 7.4 percent to P3.33; and Blomberry Resorts Corp., which climbed 6 percent to P10.98.
Weekly top losers were led by PAL Holdings Inc., which declined 5.3 percent to P9.05; DoubleDragon Properties Inc., which dropped 3.5 percent to P27.90; and Manila Water Co Inc., which fell 3.4 percent to P27.05.
World stock markets were mixed on Friday at the start of a tense Group of Seven summit amid disagreement between the US and allies on trade, Iran and other issues.
The two-day G7 meeting that opened in Canada has earned the unofficial "G6 plus one" moniker following a series of aggressive trade actions by US President Donald Trump that have angered allies.
US stocks spent much of the morning in negative territory but shifted into the black around midday. The S&P 500 finished up 0.3 percent and the Nasdaq edged up 0.1 percent.
European stocks closed mostly lower following a slump in Asia—and after a week of largely strong gains in the wake of robust US jobs data and easing political headwinds in Italy and Spain.
"Investors are either worried that nothing will get resolved, or Trump will become more entrenched in his aggressive approach to trade," said Connor Campbell, financial analyst at Spreadex traders, adding that the meeting would probably be "feisty."
Traditional allies such as the European Union and Canada are also frustrated at Trump's withdrawal from hard-fought international agreements on climate change and on containing Iran's nuclear program. With AFP