Stocks seen trading in narrow range

Local stocks would likely trade within a narrow range in the coming days after gaining more than 1 percent last week.

Astro Del Castillo, First Grade Finance Inc. managing director, said investors would be searching for further clues on the market’s direction.

Given that there were no major drivers domestically, these could come from external developments, including speculation on interest rate movements to be ordered by the United States Federal Reserve next month.

“Investors are looking for market moving news that will convince them to jump back in,” he said.

So far, the mood was “cautious” especially after President Duterte declared martial rule in Mindanao last week following a Muslim extremist attack in Marawi City.

“The good news is there was no panic selling,” Del Castillo said.

The benchmark Philippine Stock Exchange index (PSEi) took a pause Friday, slipping 0.05 percent to 7,867.49. That capped off a relatively positive week, where it gained more than 1 percent and a slight recovery in trading volume.