Markets closed Monday
MANILA, Philippines—Local sentiment is seen remaining cautious and vulnerable to offshore developments this week but brief rallies are seen possible on month-end window-dressing.
Last week, the main-share Philippine Stock Exchange index declined by 63.5 points, or 1.23 percent, to end on Friday at 5,143.35. There were only two days of trading for the week.
Local financial markets are closed Monday as the nation observes Heroes’ Day.
“The market will likely tread water for this week as it continues to digest last week’s negative developments,” said PNB Securities deputy chief Manny Lisbona. “There may be technical rallies but the general direction will be sideways in the short term.”
Banco de Oro Unibank strategist Jonathan Ravelas said the PSEi would likely range between 5,050 and 5,200 this week.—Doris C. Dumlao