Inquirer
Profit-taking seen to mark this week’s trading
Local shares are expected to decline this week due to profit-taking following a two-week rally.
The Philippine Stock Exchange index (PSEi) gained 4.25% last week, closing at 6,969.88 on Friday, despite a trading halt due to Typhoon Ulysses.
Positive news about a coronavirus vaccine developed by Pfizer spurred a buying surge, pushing the PSEi above 7,000 mid-week.
However, the PSEi pulled back from its peak of 7,079 due to the typhoon's impact, rising COVID-19 cases in the US and EU, and outflows from the MSCI semi-annual rebalancing.
Analysts anticipate profit-taking as vaccine news loses steam, with potential retracement levels for the PSEi at 6,917-6,793.
Despite expected corrections, analysts believe that increased earnings visibility for next year and potential US stimulus will buoy the market, making corrections an opportunity to buy at lower levels.
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