Cautious trading seen

MANILA, Philippines—Local stocks are seen trading with caution this week as investors remain jittery about the so-called US “fiscal cliff” alongside lingering challenges from the eurozone.

Last week, the main-share Philippine Stock Exchange index gave up 29 points, or 0.5 percent, to end at 5439.28 on Friday as external uncertainties spurred profit-taking specially when the main index reached new highs.

“Continue to expect an assault toward the 5,500 levels in the week ahead,” said Banco de Oro Unibank strategist Jonathan Ravelas. He noted, however, that the market appeared “tired and in need of a much-awaited correction.”—Doris C. Dumlao