April 22, 2019
THE stock market is likely to continue trading sideways this week following a Holy Week break, with investors expected to be in wait and see mode ahead of the upcoming May elections.
Diversified Securities Inc. trader Aniceto Pangan forecast thin trading volumes leading up to the May 13 polls, a view echoed by Eagle Equities Inc. research head Christopher Mangun who said “investors [will wait until] after the election before they start to consider getting back in.”
Factors that could potentially move the market moving forward, said Pangan, are fresh first quarter earnings results, inflation data due the first week of May and developments in trade negotiations between the United States and China.
The bellwether Philippine Stock Exchange index grew 0.11 percent or 8.69 points to close at 7,835.15 on Wednesday, while the broader All Shares rose 0.18 percent or 8.54 points to end at 4,836.68.
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