Rally May Continue for Top Philippine Stock This Quarter: ChartBy
A 14 percent share price surge may not be the end of the rally for the Philippines’ largest power retailer, Manila Electric Co., this quarter. The company’s share price is nearing the 12-month average target price set by 12 analysts as it joins the MSCI Philippines Index at the end of the month. The stock has formed a so-called golden cross with its 50-day moving average crossing above its 200-day, while its moving average converge-divergence indicates the rising trend is backed by momentum. While the share price sputtered in three of the previous six golden crosses since 2010, it rallied 57 percent to a record in nine months following a similar pattern in August 2012.