November 25, 2024 | 12:00am
MANILA, Philippines — Local stocks are seen moving sideways this week while investors search for fresh catalysts.
The benchmark Philippine Stock Exchange index (PSEi) finished in the red last Friday at 6,780.13, with investors pocketing gains following a recent four-day rally.
Week-on-week, however, the PSEi finished 1.55 percent higher.
Average turnover was down by 17.2 percent from the previous week at P5.1 billion, while average net foreign selling was also lower by 51 percent to P585 million.
“The PSEi ended in negative territory on Friday as investors remained cautious due to uncertainties stemming from the continued weakness of the peso against the dollar and ongoing geopolitical tensions,” Unicapital head of research Wendy Estacio-Cruz said.
“This week, we expect the index to fluctuate between the 6,700 and 6,800 levels in anticipation of fresh catalysts, including the release of November Philippine inflation data on Dec. 5 and the FOMC meeting on Dec. 18, which will help determine the potential rate cut,” she said.
Immediate support this week is seen at 6,500 while resistance its at 7,000.
“Recent tectonic risks have made it difficult to make the computational choices that increase confidence in 2025 models or in short, more unpredictable outcomes per movement of inputs. It does not make a market impossible to trade, only securities with excess returns are slightly more challenging to find,” online brokerage firm 2TradeAsia.com said.
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