PSEi Soars to another Record High

The Bourse aim its mark to 7000

Last Friday, April 19, the PSEi closed at 6,957.10 and set another record high, its 26th peak for this year. Meanwhile, the broader all-share index inched up to 4,348.67, 1.15% more from 4,299.20. Data have shown that the bourse index had risen 19.7 percent or 1,144.37 points since the start of the year. 

 

PSE president and chief executive Hans Sicat share his optimism as he expect the market to reach another breakthrough and continue its bull run,  as more positive first-quarter earnings reports continue to pour in.

Many analyst from various stock brokerage firms share the same optimism of the PSE president. 

BPI Asset expect the local equities market to breach the 7,000 level this week on anticipation that the MB would reduce SDA rates further this coming Thursday.  BDO Unibank chief market strategist Jonathan Ravelas expect this week bourse index to trade between 6,750 and 7,000.  Meanwhile, analyst from brokerage Angping & Associates Securities, Inc - Elizabeth S. Abadillo, expect the market outlook for this week to go up and reach the 7,000 level.  On the other hand, Manny Cruz, chief strategist at Asiasec Equities. think the index can test the 7000 level this week.  Another analyst from online brokerage 2TradeAsia.com, Freya May B. Natividad, believe optimism might dominate the market and expect initial support and resistance for PSEi this week at 6,900 and 7,000-7,100 levels.  And Jun Calaycay of Accord Capital Equities said, "The overall outlook remains bullish and significant pullbacks, when they occur, should present buying opportunities".

 

The continued release of corporate earnings is also expected to influence trading this week. Listed firms have until May 15 to submit their first-quarter results, according to PSE rules. - See more at: http://www.bworldonline.com/content.php?section=StockMarket&title=PSEi-seen-poised-to-top-7,000&id=68986#sthash.9qcpCmz6.dpufhe continued release of corporate earnings is also expected to influence trading this week. Listed firms have until May 15 to submit their first-quarter results, according to PSE rules. - See more at: http://www.bworldonline.com/content.php?section=StockMarket&title=PSEi-seen-poised-to-top-7,000&id=68986#sthash.9qcpCmz6.dpuf

 With all the continued positive market outlook, the continued release of first quarter corporate earnings by listed companies is expected to influence trading this week to May 15 deadline as more  corporations report faster growth, and higher income.  Among the first to submit their first quarter report are BDO and SMPH. BDO, Unibank inc. posted an impressive P10B net income, almost four times from its P2.8B income last year. SMPH, its sister company, posted a 14.14 percent increase net income from P2.5B last year to almost P2.9B this year. 

The market is also expecting a possible 2nd investment grade upgrade this coming May, and with the prospective cut in SDA ( special deposit account ) rates plus the nation GDP prospect of 6-7 percent, the Market has a positive outlook for more optimistic opportunities and possibilities.