Philippine stocks seen sideways as virus cases surge

Philippine stocks are expected to move sideways this week due to rising COVID-19 cases.

On Friday, shares dipped as investors took profits following a two-day rally and assessed the ongoing surge in virus cases.

The Philippine Stock Exchange index (PSEi) closed at 7,261.34 on Friday, down from its previous close, while the broader all shares index also declined.

First Metro Investment Corp.'s head of research expects the market to stabilize until COVID-19 cases peak before potentially rising ahead of the Chinese New Year.