PG stocks forecast to trade sideways
The local stock market is expected to trade within a narrow band this week when the bourse reopens for trading Tuesday after a long Lenten break.
Before the long Lenten break, the main-share Philippine Stock Exchange index declined 1.3 percent to close at 5,038.92 on Wednesday as investors chose to cash in before the long holiday break while some raised funds for this week’s initial public offering of taipan George Ty’s GT Capital Holdings.
Banco de Oro Unibank chief strategist Jonathan Ravelas noted that the PSEi had traded sideways at 5,028-5,115 as investors remained on the sidelines prior to the long weekend.—Doris C. Dumlao
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.