MANILA, Philippines?Lackluster trading is expected this week as the market awaits fresh catalysts after last week?s uphill climb near the year?s highs.

The main-share Philippine Stock Exchange index traded favorably for most of last week but succumbed to profit-taking on Friday as the dividend payment of telecommunications giant PLDT pared down the equity value of this index heavyweight. Despite Friday?s correction, the PSEi posted a slim gain of 0.11 percent to close the week at 3,072.91.

?I think it will be flat this week. There won?t be much movement,? Eagle Equities Inc. president Joseph Roxas said, noting that the market may still attempt to revisit 3,100.

?It seems that there hasn?t been much participation from the public. It?s only the day traders buying stocks in and out and focusing on the flavors of the day or week,? he said.

Banco de Oro Unibank strategist Jonathan Ravelas said the week?s close at 3,072.91 suggested a retest of the support level at 3,000.

?Near-term resistance remains at 3,130-3,150 levels. A break above this level could lead to a challenge of the 3, 300,? Ravelas said.

?However, should the market fail to clear 3,150 in the near term, profit-taking could take place, supporting a double top formation which could bring the market to test 2, 800,? he said.