The stock market will likely move sideways this week with investors taking a wait-and-see stance.
“The market, the way I see, is the same—consolidating until something positive comes up,” Summit Securities, Inc. President Harry Liu said during the weekend.
“So far, the market is looking positive. [The] Marawi [crisis]seems ending and rebuilding [is expected]. We’re now waiting for the [passage of]the tax reform bill, and continuous infrastructure building,” he added.
Eagle Equities, Inc. President Joseph Roxas, meanwhile, said that price developments for newly-listed Chelsea Logistics Holdings Corp. could move the market.
The logistics firm—owned by Davao businessman Dennis Uy, a staunch supporter of President Rodrigo Duterte—finally settled above its IPO price of P10.68 apiece on Friday, closing at P10.72 per share, following a lackluster debut earlier this month.
The local stock barometer ended Friday on a positive note, adding 0.13 percent or 10.21 points to finish at 8,015.14.
The wider All Shares grew 0.19 percent or 9.26 points to settle at 4,749.06.