Listless trading seen

Lackluster trading in the Philippine Stock Exchange will likely persist this week, given the lack of major news.

Astro Del Castillo, First Grade Finance Inc. managing director, expected the benchmark Philippine Stock Exchange to hover around current levels.

“I think it will be a replay of last week,” Del Castillo said, noting that investors would focus on developments abroad. “We do not expect any market moving news locally.”

The PSEi gained 0.5 percent last week to end at 7,889.33

Luis Gerardo Limlingan, managing director at Regina Capital Development, said investors here would also take note of developments in the United States.

Wall Street was up overnight, with the Dow Jones Industrial Average gaining 0.44 percent last week.

A jobs report in the US showed employment rising faster than expected, signaling a healthy labor market.

“Due to favorable jobs data, some fund managers will shift back to the US market, given the strong economy,” Del Castillo said. —MIGUEL R. CAMUS