Flat market seen as elections near

The domestic stock market will be flat this week, analysts said over the weekend, as foreign investors are likely to temporarily divest their equity interests from the Philippines to other Southeast Asian countries to wait out the last 40 days before the national elections on May 9.

Victor Immanuel Felix, equity analyst at AB Capital Securities Inc., said that with the national elections fast approaching, equity investors are now in the wait-and-see attitude, thus the market consolidated last week despite expectations that window dressing during the period would boost the local bourse.