The stock market’s direction this week will likely be determined by fresh earnings reports along with month-end window-dressing, an analyst said
“There may be some repositioning ahead of window-dressing. Earnings will be the main driver, and some speculation as to the MSCI and FTSE rebalancing sometime during the beginning of March may fuel trading activity,” a Regina Capital Development Corp. analyst said.
“The minor support of 8,500 has been broken so many will be watching whether we can hang on to the next major one at 8,400,” he added.
Eagle Equities, Inc. research head Christopher Mangun, meanwhile, said sideways behavior could occur with the market looking to consolidate for a push upwards.
“Building a base at these levels is important for the market before we can try and test the 9,000 level. In the meantime, we will continue to see more action in second- liners and speculative stocks as we wait out the foreign selling,” Mangun said.
The benchmark Philippine Stock Exchange index (PSEi) dropped 0.56 percent or 48.01 points to close at 8,467.56 on Friday. The broader All Shares shed 0.47 percent or 23.63 points to end at 5,063.56.