With no specific fresh and positive leads lined up for the next few days, Philippine shares may experience a prolonged sideways movement this week.
Jun Calaycay, Accord Capital Equities Corp. analyst, indicated that the market is quite trapped in limbo with the absence of fresh positive leads from the corporate, news and macro-fundamentals fronts.
“The market would move sideways for the next few days,” Summit Securities President Harry Liu said.
In the previous week, Philippine shares joined the Korea Composite Stock Price Index or KOSPI as the worst performing market in the week that opened the final month of the 2013 trading calendar.
Specifically, total aggregate local share prices dropped 3.12 percent, just ahead of the Korean counters’ 3.15 percent decline.
The Philippine Stock Exchange index (PSEi) ended the week with a drop nearer to the 6,000-point support level, tracking the correction of the Dow Jones.
The benchmark index went down by 0.27 percent on Friday, or 16.01 points to end at 6,014.94, while the all-shares index declined by 0.39 percent, or 14.59 points to 3,688.47. Although it fell slightly during
the last trading session of the week, the index suffered a more than 70-points loss during Thursday’s trade.
On Thursday, the PSEi lost 74.28 points, or 1.22 percent to 6,030.95, while the broader all-shares index erased 30.55 points, or 0.82 percent to 3,703.06.