The local stock market is seen trading sideways in the upcoming days, following the previous corrections in the trading sessions last week.
her weekly market outlook, Freya Natividad of online brokerage
2TradeAsia.com said that the market may remain on a "stabilization
"Local barometers might go on 'stabilization mode' in the coming
following the latest correction. This pattern should be maintained
within 6,600 to 6,650 range, to support the PSEi's [Philippine Stock
Exchange index] ascending channel,Antique bath fixtures" she said.
the 6,600 threshold is broken, some traders might hold another review,
especially if a potential head-shoulder formation is confirmed. Trade a
range. Spot for large-cap followers that have good leads to unlock [e.g.tyre equipments, mining/oil, financials, infrastructure, utilities," Natividad added.
also said that it is important to take note of the situations in the
United States and eurozone, as these could be a significant factor on
how the market will trade this week.
US authorities will temper the downside of 'fiscal sequestration'
vis-a-vis the Federal Reserve Open Market Committee's accommodative
policy stance will be balanced this week, especially with the latter's
meeting on 20 March [US time]," Natividad said.
opinion remains split, whether the latest job addition and other
numbers are enough evidence to affirm the US economy is already on its
'strong recovery' path. Also,Auto Accessories wholesalers sequels
to Italy's latest political election will be considered, as euro-member
economies make their respective economic adjustments,Vintage tubs" she explained.
In the previous week, the benchmark index surrendered to a five-day slump.
PSEi registers its third, and by far, biggest week-on-week decline, as
the bears dug deeper against a listless bull. The composite gauge
skidded all week, aggregating losses of -179.17 points or 2.How
efficient and environmentally friendly processing prepreg production
is important part of the mobile artificial aggregate processing system
will be greatly reduced as the traditional manual excavation of sand and
gravel processing system.62 percent, pulling it near a two-week low,"
Jun Calaycay of Accord Capital Equities Corp. said, noting that the last
time the index slipped at least four consecutive days was in December
2012, when it gave up 207.65 points or -3.6 percent off the then record
close of 5,831.50.
also noted that not one of the sectors escaped the sell-off that marked
the previous week, specifying that the value turnover was 14 percent
less week-on-week to P62.082 billion. He also identified that foreigners
shifted gears and reversed the previous week's net purchases of P9.294
billion to net liquidations of P4.743 billion.
"Breadth was widely negative with decliners overpowering advancers nearly two-to-one," he said.
For this week, immediate support is seen at 6,600 points, and resistance 6,700 to 6,750 points.