PG stocks forecast to trade sideways

The local stock market is expected to trade within a narrow band this week when the bourse reopens for trading Tuesday after a long Lenten break.

Before the long Lenten break, the main-share Philippine Stock Exchange index declined 1.3 percent to close at 5,038.92 on Wednesday as investors chose to cash in before the long holiday break while some raised funds for this week’s initial public offering of taipan George Ty’s GT Capital Holdings.

Banco de Oro Unibank chief strategist Jonathan Ravelas noted that the PSEi had traded sideways at 5,028-5,115 as investors remained on the sidelines prior to the long weekend.—Doris C. Dumlao