Published January 11, 2021, 6:00 AM
The local stock market is seen to be vulnerable to profit-taking this week as investors weigh risks posed by the new coronavirus strain against optimism over a US stimulus package as well as the roll-out of vaccines overseas.
“Next week, the market could trade sideways with a downward bias. We may see some profit taking given that the market remains overvalued,” said Philstocks Financial Senior Analyst Japhet Tantiangco.
He noted that, “The new variant of COVID-19 is seen as the primary downside risk in this week’s trading. A worsening of its spread throughout the world or its entry into the Philippines may further tilt the local bourse’s bias to the negative.”
Published December 21, 2020, 5:00 AM
The stock market is seen to start winding down for the year with only six trading days remaining.
“We see a downward bias for the local market with a possible testing of the 7,150 support level. The market remains overvalued making it susceptible to profit taking,” said Philstocks Financial Senior Analyst Japhet Tantiangco.
Photo credit: (https://www.pse.com.ph/)
He added that, “Investors may book gains ahead of the upcoming holidays especially if there would be no positive catalyst for the market.”
Offshore worries including a possible no-deal Brexit and the US Congress’ economic stimulus negotiations, if it would not translate into a deal, may also weigh on sentiments.
Correction in stock prices seen mb.com.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mb.com.ph Daily Mail and Mail on Sunday newspapers.