THE stock market is expected to continue trading sideways this week as investors stay on the sidelines to wait for more business developments.
Traders will be taking cues from the forthcoming release of more nine-month financial reports, Philstocks Financial Inc. research associate Claire Alviar told The Manila Times.
“Anticipation of [more corporate] earnings could still be present, however. We’re expecting only one company from this index, which is Meralco (Manila Electric Co.), to report [this week],” Alviar said, adding that it “may not be strong enough to lift the bourse.”
Meralco is set to release its January-to-September report on Monday.
Last week saw Universal Robina Corp., Philippine Stock Exchange, Cemex Holdings Philippines Inc., Belle Corp. and RFM Corp. disclose their net income figures for the nine months ending September.
AAA Equities head of research Christopher Mangun expects “muted trading” this week on account of the long All Saints’ Day weekend.
“It (bourse) may inch higher, potentially testing [the] 8,000 [level]. However, we may see an increase in selling pressure as investors take some risk off the table ahead of the holiday,” Mangun explained.
“Overall, the market remains in limbo, trading sideways with no real direction,” he said.
On Friday, the benchmark Philippine Stock Exchange index dropped by 0.36 percent or 28.48 points to close at 7,922.50, while the wider All Shares slid by 0.27 percent or 13.13 points to finish at 4,767.03.