Share prices are expected to continue their sideways movement this week, needing to build a strong base before attempting to climb above the 8,000-point level.
“Looking at the technical indicators, and assuming no macroeconomic event happen during the holidays, the index might see a continuation of its downward trend,” Regina Capital Development Corp. managing director Luis Limlingan said.
With fears of a looming trade war between the US and China starting to ease, investors are focusing on the March inflation rate report which could push the Bangko Sentral ng Pilipinas to consider raising interest rates in the next policy meeting.
Meanwhile, analysts expects bargain hunters be active after the main index dipped below record territory in previous weeks.
Analysts said investors should consider buying oversold stocks during the consolidation period.
