Top stocks for the week Q3 earnings to buoy market

Listed firms that will soon release their third quarter and ninemonth earnings are the stocks to watch out for in the next few days, while the local stock market takes a breather after hitting the 8,500-mark last week.

Online brokerage 2TradeAsia.com said the season for nine-month earnings reporting is on, which could provide some direction for the market in the next few days.

"More than quarter-on-quarter comparison, players are likely to give more weight how the last quarter stretch would fare, and prospects they could look forward to in 2018," 2TradeAsia. com said, adding that investors must seize on dips to gradually accumulate moving forward.

The brokerage also said that investors should start expanding valuation timeline towards 2020, with price earnings (PE) multipliers cheapening.

Some of the companies that are expected to release their nine-month earnings include Manila Electric Company, Global Ferronickel Holdings, Inc., and Cemex Holdings, Inc.

For this week, immediate support is pegged at 8,370 to 8,400, while resistance is at 8,500 to 8,570.

"Movements within 8,400 to 8,500 should help fortify a new base for the bourse, as fund managers express keen interest on the momentum build-up of government’s infra projects," 2TradeAsia further said.