Weakening seen as market awaits BSP move
The benchmark Philippine Stock Exchange index (PSEi) could further weaken this week as investors await news on the Bangko Sentral ng Pilipinas policy meeting on Thursday.
The PSEi ended the week at 7,461.06, down 1.3 percent.
“It looks like the PSEi is continuing its way down our nearest resistance at 7,381,” said Arbee Lu, head of online trading at Papa Securities.
“That’s just another 1 percent drop away. We should begin to see some names starting to pick up as we expect the index to bounce as we approach that level,” he added.
Luis Gerardo Limlingan, managing director at Regina Capital Development, said investors were also awaiting action from the BSP after the inflation rate slowed last month.
He pegged the near term resistance level at 7,500.
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