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Lackluster trading to continue this week
The immediate support of the Philippine Stock Exchange Composite index is seen at 6,000 while resistance is at 6,400.
AFP/File

Lackluster trading to continue this week

Iris Gonzales (The Philippine Star) - May 17, 2021 - 12:00am

MANILA, Philippines — The local stock market will continue to trade sideways this week amid lack of fresh triggers.

The immediate support of the Philippine Stock Exchange Composite index (PSEi) is seen at 6,000 while resistance is at 6,400.

“For trend watchers, the best case is for a sideways drift to appear in the next sessions while the worst case is for a break towards the 5,000 zone. Friday’s strong rejection of the 6,000 level underpins the former; in that case, keep an eye out as the market wears their bargain hunting glasses,” 2TradeAsia said in a market brief.

After reaching a low of 6,080 last week, the local bourse erased a 178 point decline as the government announced a general community quarantine status for the National Capital Region Plus for the remainder of May.

“The PSEi managed to close the week 10 points higher to 6,269 (up 0.17 percent week on week. Save financials (up 0.64 percent) and holdings (up 1.9 percent), sectoral indices declines, led by mining and oil (down 5.40 percent), property (down 3.15 percent) and industrials (down 0.81 percent). Average value turnover of P200 million. Decliners remained dominant over the gainers, 102 to 60 on average,” 2TradeAsia said.

Michael Ricafort of Yuchengco-owned Rizal Commercial Banking Corp. said investors would be keeping a close watch on new COVID-19 local cases, which recently lingered among the lowest in one to two months or mostly at 4,000 to 6,000 levels or less than half the record high of 15,298 posted on April 2.

“The expected increase in COVID-19 vaccine arrivals, especially in the third quarter and the fourth quarter, would help further reduce new COVID-19 cases and, in turn, would justify further re-opening of the economy and eventually help improve economic recovery prospects, going forward,” Ricafort said.

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