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MANILA, Philippines – The local stock market is seen to continue moving sideways this week, opening the second half under consolidation phase.
“Expect some consolidation for now, as the market builds its base to support stronger rises,” 2TradeAsia.com said.
Traders said immediate support is seen at 7,800, with resistance at 7,900 to 7,950 as investors look at second half corporate earnings results.
“Sessions turned range-bound within a four-day trading week, with the PSEi moving within 7,734 to 7,894,” 2TradeAsia.com said.
Trading activity was brisk during the first half with daily average value turnover registering at P8.08 billion, up 7.5 percent from the same period last year, according to PSE data.
The stock market also had a net foreign buying of P22.04 billion in the six-month period, it said.
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Market capitalization of companies listed at the PSE, meanwhile, hit a record high of P16.42 trillion on June 14.
Property developer SM Prime Holdings Inc. also reached a record market capitalization of P1.01 trillion on June 9, 2017, marking the first time a domestic company breached the P1 trillion market capitalization mark.
Market capitalization as of June 30 stood at P16.27 trillion, data from the PSE also showed.
Capital raised amounted to P106.74 billion in the first half.
“We are pleased with the overall market performance in the first semester while capital raising activity remains on target. We believe the economy will continue to provide more growth for listed companies and attract more investors in the market,” said PSE president and chief executive officer Ramon Monzon.
“The passage of the tax reform bill and the infrastructure program of the government should help sustain the market’s growth momentum in the coming years,” he said.