SHARE prices are expected to open higher on follow-through buying and as fund managers window-dress their portfolios for the year-end, dealers said. At Monday’s close, the main composite index gained 21.54 points or 0.75 percent to 2,877.83, its best finish in more than nine years.
"The market may continue its positive bias today as fund managers realign their portfolios due to the traditional year-end window dressing," AB Capital
Securities said in a market note.
The brokerage said the main composite index would most likely test the 2,900 resistance level within the week.
Dealers said easing political concerns would also likely lend investors greater confidence in taking equity positions before the year ends, although some players may take a cautious stance ahead of the government's announcement of its budget deficit position later on Tuesday.
After keeping the budget deficit down to P5.8 billion in October, compared to the September figure of P16.2 billion, the national government said it was confident it could report a smaller budget deficit of P105-P115 billion for the whole year, compared to the full-year targeted ceiling of P125 billion.- BUSINESSWORLD