Share prices seen to consolidate this week

Share prices seen to consolidate this week

The Philippine Star 05/01/2006

Share prices are expected to consolidate this week after a strong run to near-seven year-highs this week, analysts said Friday.

BPI Securities said in a research note that the market may pull back after the composite index breached the 2.270 resistance level, but added a "correction is likely to be shallow."

It sees support at 2.270 and 2,200 points.

AB Capital Securities said the market is expected to consolidate gains after last week’s sharp gains.

Trading resumes Tuesday after the May 1 Labor Day holidays.

For the week to April 28, the composite index rose 7.56 points or 0.33 percent to 2,270,53.

Average daily volume fell to 2,738 billion shares while average daily value rose to P2.39 billion compared to 7.45 billion shares worth P1.74 billion the previous week.

Last Friday, the benchmark 30-company Philippine Stock Exchange Index fell 10.86 points, or 0.5 percent, to 2,270.53. The index rose 2.2 percent in the past two sessions, including Thursday’s 1.5 percent advance to 2,281.39, its best finish in nearly seven years.

Blue chip Ayala Land contributed much to Friday’s decline with a six-percent loss to P11.75.

Philippine Long Distance Telephone Co., however, hit a new record high of P2,050, before closing at P2,045, up 0.5 percent. Traders said the stock recovered from a weak opening caused by cross sales worth P92.32 million ($1.8 million, euro1.4 million). – AFP, AP        

 

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