By Erik de la Cruz
Xinhua Financial News Service
Last updated 08:47am (Mla time) 01/19/2007
MANILA, Philippines -- Share prices are expected to open mixed or lower as cautious investors try to lock in profits after the market's strong rally Thursday, dealers said.
Although there are no negative catalysts to undermine sentiment, they said the market may again take a breather as it approaches 3,100 points, at which resistance is possibly strong.
Despite the expected occasional corrections, dealers said the market's upward momentum should persist given expectations of stronger economic growth that will likely boost corporate profits.
The 30-company composite index Thursday closed up 40.17 points or 1.32 percent at 3,081.73, a new high in almost a decade.
"The main index will have to contend with its first major resistance at the 3,100 level," AB Capital Securities said in a market note.
($1 = P48.79)
http://business.inquirer.net/money/breakingnews/view_article.php?article_id=44358
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