Philippine stocks are expected to trade sideways this week, with possible uptick on month-end window-dressing.
Analysts said investors opted to stay on the sidelines due to lack of catalysts.
“Absent other catalysts, next week’s month-end window dressing period might be an opening for traders to position and bet ahead of the US poll plus Fed cut week, especially given the timing on the earlier RRR [reserve requirement ratios] cut implementation that should further inject available cash flow for trading,” online brokerage firm 2TradeAsia.com said.
2TradeAsia.com said attention would also focus on the upcoming US presidential elections which would likely dictate next year’s outlook on global trade.
The Philippine Stock Exchange index lost 101 points, or 1.37 percent, week-on-week to close at 7,314 on Oct. 25, 2024 as Typhoon Kristine caused destructions in major parts of Luzon, eroding built-up optimism early this month
All counters fell, led by property (-3.32 percent), financials (-1.41 percent) and industrials (-1.41 percent).
Average daily turnover declined to P4.23 billion, lower by 28.41 percent week-on-week, while foreigners turned net sellers averaging at P43 million, versus the P217-million net buying in the previous week.
“The unfortunate impact of severe tropical storm Kristine is partly to blame for the main index’s big dip,” 2TradeAsia.com said.
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