December 2, 2024 | 12:00am
MANILA, Philippines — The local stock market is looking to open the final month of 2024 in a festive mood, with investors potentially looking to include bargain stocks in their holiday shopping list.
Last Friday, the benchmark Philippine Stock Exchange index fell for a fourth consecutive session, closing at 6,613.85, lower by 2.4 percent week-on-week.
Online brokerage firm 2TradeAsia.com said local equities last week stayed inside the previous week’s trading band, unmoved by the lack of strong positive catalysts amid Thanksgiving break in the US.
“With 2025 looking in the horizon, markets are to deal with uncertainties that are likely to keep prices down in the short run,” it said
Philstocks Financial research manager Japhet Tantiangco sees the local market moving sideways in the coming days after already breaking below the 6,700 to 6,800 support range.
He said the market’s moving average convergence-divergence or MACD line has crossed below the signal line, implying bearish momentum in the short term.
“With the market at attractive levels, we may see some episodes of bargain hunting. However, we also expect lingering concerns to continue weighing on sentiment,” Tantiangco said.
He said among these lingering concerns are US president-elect Donald Trump’s planned protectionist policies and its impact on global economic prospects, as well as the uncertainties on the Federal Reserve’s policy outlook.
He said investors are also expected to watch out for the upcoming November inflation data for clues on the Bangko Sentral ng Pilipinas’ policy direction this week.
“Investors may also watch out for the upcoming S&P Global Philippines manufacturing PMI and labor market data for clues on the local economy,” he said.
Be the first to comment