The local market is seen coming strong at the start of the week and will begin to slow down as the month of August approaches.
Harry Liu, president of Summit Securities Inc., said that the market will “open strong” for the week and will eventually slow down, staying “above 6,750” points.
“We will expect the market to slow down and continue its medium-term consolidation [around]6,150 to 7,000 [levels toward the month of August],” Liu said.
August, dubbed as the “ghost month” for the market, will affect performance of indices as it is a “Chinese month to honor the dead” that will slow trading throughout the month.
The past week was a combination of gains and losses with only little gains and fair losses. But Liu said that the country’s market performance may slow down, but is still projected to go up at the latter part of the year.
“But the long-term market is still in upward looking direction [toward the end of the year],” Liu said.
On Friday, the Philippine stock exchange index (PSEi) fell by 0.54 percent, or 36.49 points to 6,763.62, while the broader all-shares index slumped by 0.44 percent, or 18.12 points to 4,114.99.