Local Stocks Are Seen Extending their gains this week.

By Doris C. Dumlao
Philippine Daily Inquirer


LOCAL STOCKS ARE SEEN EXTENDING their gains this week, led by the property sector which may benefit from follow-through buying.

The main-share Philippine Stock Exchange index last week went up 39 points or 1.41 percent to close at 2,870.83.

Manny Cruz, an analyst at Asiasec Equities Inc., said the local market’s climb last week despite continued foreign selling depicted an inherent strength.

He added that the index had breached a critical barrier at 2,838 and was bound to retest major resistance at 2,906 early this week.

“A breakout from the 2,906 resistance will propel the index to march toward the 3,000 barrier,” Cruz said, noting that property issues would likely lead the runup.

Cruz issued a “buy” recommendation on two property issues—Filinvest Land Inc. and Robinsons Land Corp. as well as beauty product manufacturer Splash Corp. All these three attained breakout from key barriers during last week’s trading.