PHL stocks may extend gains if catalysts hold

PHILIPPINE STOCKS may extend their advance this week after the market staged a strong rebound and moved close to the 6,000 level, analysts said.

- By Alexandria Grace C. Magno

“Local shares rebounded this week and almost breached the 6,000 zone, as investors capitalized on multiyear low valuations,” online brokerage 2TradeAsia said in a note.

On Friday, the Philippine Stock Exchange index (PSEi) climbed 1.11% or 66.32 points to 5,997.13. The broader all-share index rose 2.5% or 83.5 points to 3,418.52.

Week on week, the PSEi gained 412.78 points from its 5,584.35 close on Nov. 14.

“The local market has shown signs of life last week, bouncing strongly on the back of positive narratives,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message. “However, technically, the market is still considered to be on a downtrend.”