Stocks seen to consolidate

MANILA, Philippines—Local stocks are seen remaining in the consolidated mode this week due to lack of fresh incentives to load up on equities.

Last week, the Philippine Stock Exchange index ended at 4,285.16, about 0.16 percent lower than the previous week’s level. Since the start of the year, however, the index was still ahead by 2 percent.

AB Capital Securities said the PSEi’s failure to break out of its major resistance at around the 4,340 level suggested investors’ disappointment over first-quarter corporate results.

“Notwithstanding, investors are not rushing to the exits as they realize that last year’s performance was quite extraordinary and difficult to duplicate. Moreover, the market continues to benefit from the excessive liquidity in the system due to the prevailing low interest rate environment globally,” AB Capital Securities said.— Doris C. Dumlao