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Stock market strong, seen testing highs

Posted by Michille on April 30th, 2007

By EDU LOPEZ

Given the generally positive market indicators such as strong value turnover and sustained buying support from foreign fund managers, the equities market is likely to test the year’s high at 3417 points.

The market continued to show strength, posting a gain of 40 points on Friday following the gains from Ayala Corp., SM, Petron Corp. and Manila Water, says BPI Securities.

AB Capital Securities expects the PSEi to have a strong resistance at the 3,400 level. “It is firmly moving within its uptrend line but close to 20 percent above its 200 day moving average and continues to show negative divergence with its momentum oscillators.”

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