"The market mercifully experienced a moment of recovery after a five long declining sessions. With the Phisix down collectively by 66.43 points in the skid, bargain hunters finally stepped up for a 13.48-pt. index rise. But despite being up broadly, holiday induced turnovers continued to dwindle to just P323 million," a website report by RCBC Securities noted.
It added that as the market received some respite from the beating it’s been getting, "we can perhaps more optimistically just hope for further consolidation and support building sessions and not fear a major retracement."
The rcbc sec.com report added that the most recent rate cut by the Bangko Sentral should provide some spark to the market in the coming sessions, but hinted that these effects could be felt after the long Lenten break.
According to another website report by 2TradeAsia.com, the web portal of F. Yap Securities, "securities investors will reassess whether Friday’s performance would either be a springboard for longer anticipated recovery, or merely a ‘relief rally‘."
The report said judging from the weak value turnout however, institutional fund managers might still heed for more time given uncertainties on global markets response to (US) Federal Reserve (chairman Alan) Greenspan’s next decision on US interest rates, and if a well-supported rebound would be in place for some of larger markets such as New York.
"Thus far, some might be prompted to pocket gains on any intra-day ascents, ahead of the long Lenten break. Among domestically listed stocks, momentum indicators have yet to improve to confirm good entry levels," the 2TradeAsia.com report said.
Over the long term, the securities portal said it remains selectively positive for both utility and property stocks, as the recent decline in local benchmark interest rates bode well for securities investing in general.
"Trade selectively and position gradually on lows for FPH (First Phil. Holdings) Meralco B, Ayala Land, Filinvest Land and Equitable PCI Bank. The Phisix’s immediate support is at 1,350, while resistance is at 1,400," the report advised.