Stocks seen trading below 8,000 this week

The local stock market is seen continuing to consolidate below the 8,000 mark this week as investors search for the bottom of the ongoing correction.

Last week, the main-share Philippine Stock Exchange index (PSEi) fell by 45.68 points or 0.57 percent to close at 7,899.98, weighed down by about P2.6 billion worth of foreign selling.

The PSEi has so far pulled back by 1,178.39 or about 13 percent from the market’s record peak of 9,078.37 that was touched in intraday trading of Jan. 29, 2018. Since the start of the year, it has lost 658.44 points or 7.7 percent.