"While it is a season primarily to reassess one’s spirituality, it will give investors a chance to recharge themselves physically after the draining market ups and downs the last three months," says AB Capital Securities.

In New York, stocks closed mostly higher Friday, sending the Dow Jones industrials’ to their best week in four years after a surprise jump in home sales eased concern that frailty in the housing market will hurt economic growth.

The Dow rose 19.87, or 0.16 percent, to 12,481.01. The blue chip index rose for five straight sessions, picking up 370.60 for its biggest weekly point gain since March 2003; that translated to a 3.06 percent rise for the week.

Broader stock indicators ended mixed. The Standard & Poor’s 500 index advanced 1.57, or 0.11 percent, to 1,436.11, and the Nasdaq composite index fell 2.81, or 0.11 percent, to 2,448.93.

For the week, the S&P 500 rose 3.54 percent and the Nasdaq gained 4.52 percent.

Looking ahead, the market is on track with AB Capital’s forecast to end the first quarter on a higher note than last month. This is due to the seasonal window dressing activities at the end of each quarter.

Rizal Commercial Banking Corp. will offer shares priced at P27 per share. AB Capital Securities has recommend a buy on RCBC with a 12-month target of P37 per share. Target price reflects a 12 percent upside from its last traded price of P33/ per share.

The bank’s shares were offered at a bargain 1.09x PBV. A comparative valuation indicates that RCBC is being offered at a 40 percent discount to its peer banks whose average PBV is at 1.83x.

BPI Securities noted that the market ended lower on Friday, an expected correction from Thursday’s steep climb.

"Despite the negative close, market still managed to exhibit strength as the index ended above the intraday high. Buying support strengthened towards the end of the trading session."

BPI expects the current correction may still extend this week as before investors would go into the long holiday break.

The PSEi finally found a solid base at the 3,000-index level to post a strong rally this week.

The market closed last week 3 percent higher from the previous week, boosted by the strong recovery of PLDT.

PLDT which accounts for more than a quarter of the PSEi’s total weighted capitalization, gained 7 percent for the week. Its ADR’s in New York rallied back to $ 52.20 after global equity markets regained their strength.