Quantcast

Cautious trading to continue

The local stock market is seen continuing to trade with caution this week as investors weigh escalating tension in the Middle East and the tapering of the US Federal Reserve’s monetary stimulus.

Last week, the main-share Philippine Stock Exchange index slipped by 100.55 points, or 1.66 percent, to close at 5,974.62 on Friday.

Banco de Oro Unibank chief strategist Jonathan Ravelas said the decline below 6,000 was “driven by the lingering concerns over the geopolitical tension in Syria and the US Congress’ backing of a military strike against Syria.” He noted that foreign investors continued to move capital out of emerging markets.

“Chartwise, a retest of the 5,950 level occurred as the index struggled to stay afloat the 6,000 levels. A break below 5,950 may signal further tests towards the 5,500-5,700 levels,” he said in a research note.—Doris C. Dumlao


Follow Us







Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement
Marketplace