PH stocks seen to weaken

MANILA, Philippines—THE LOCAL stock market is set to resume trading on Thursday after a national holiday on Wednesday.

Before the market paused for the Araw ng Kagitingan holiday, the Philippine Stock Exchange index (PSEi) pulled back on Tuesday by 26.91 points to close at 6,587.49.

Prior to Tuesday’s correction, the market was trading at its peak for this year.

For this week, Joyce Ann Ramos, analyst at AB Capital Securities, said that given the recent strong run-up of the market, a slight pullback to its support level at 6,520 could be expected. If breached, she said this might lead to a further decline to the 6,400 level as potentially market-moving foreign updates such as the tentatively scheduled monetary policy statement of Japan, the release of Federal Open Market Committee meeting minutes and the consumer sentiment survey in US and of China’s trade balance were expected this week.—Doris C. Dumlao