Stocks seen tracking gains in overseas marts
MANILA, Philippines - Stocks may have room to run higher in the week ahead, tracking gains in overseas markets on optimism that the world’s biggest economy is moving into a more sustainable stage of recovery.
Global stocks rose last week after strong US jobs data beat expectations.
US employment grew solidly for a third straight month in February, creating 227,000 new jobs.
Adding to the positive sentiment was strong acceptance from Greece’s private creditors for a bond swap to avert a default.
“Given the current excessive liquidity in the system, we think that pullbacks will be limited even with the market’s expensiveness,” said Gregg Adrian Ilag of AB Capital Securities.
Ilag said he sees the market consolidating in a small range between 4,897 and 5,044.
Last week, the Philippine benchmark index fell 0.71 percent to close at 4,980.71. Foreigners were net buyers for the week despite apprehensions over China’s economy, the Eurozone debt crisis, and geopolitical tensions in the Middle East.
Ilag said investors are expected to watch out for more economic data from the US as well as in Germany.
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