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PH stocks seen trading sideways on weak peso

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The Philippine stock market is expected to trade sideways this week on concerns about weakening of the peso against the US dollar and overseas

developments.

Tantiangco said while the dovish monetary policy outlook of the Bangko Sentral ng Pilipinas is still expected to give the market support, more catalysts might be needed for the market to get past the resistance level. “Upbeat corporate results are seen as one of the possible catalysts that could drive the market higher. Investors are also expected to monitor the movement of the local currency. An appreciation is expected to help in next week’s trading while a further depreciation is seen to weigh on the bourse,” he said.

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