Sideways trading amid absence of clear leads
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Sun, 11 Aug 2019 16:14:33 +0000
THE stock market is expected to continue trading sideways this week over the lack of catalyst to buoy sentiment.
In a comment over the weekend, P2P Trade Online sales associate Gabriel Jose Perez said market “could remain sideways in the near-term as the PSEi trades with a lack of clear immediate catalysts.”
“Resistance is at the psychological round number of 8,000, while support is at the most recent low around 7,720,” he added.
This was also amid the ghost season, a Chinese belief where big-ticket investments are being avoided.
Meanwhile, several companies are scheduled to announce their first-half earnings results this week, including LT Group Inc., Ayala Corp., International Container Terminal Services Inc., DMCI Holdings Inc., Semirara Mining and Power Corp., Alliance Global Group Inc., Megaworld Corp., and GT Capital Holdings Inc., among others.
On Friday, the bellwether Philippine Stock Exchange index (PSEi) dropped by 0.76 percent or 59.77 points to close at 7,854.39 while the wider All Shares declined by 0.71 percent or 34.21 points to finish at 4,784.11.