Cautious trading to continue
More News from Philippine Daily Inquirer
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
Get Inquirer updates while on the go, add us on these apps:
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
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