Share prices are expected to trade sideways this week on concerns about easing quarantine measures amid an increase in the number of COVID-19 cases in the country.
BPI Securities president Haj Narvaez said equities market would also remain volatile on the possibility of a US market correction spilling over to the Philippine market in the coming weeks.
“If you’re taking a 6 to 18 months’ view, I still think that these levels are going to be good. That said, you have to be prepared for volatility, because the economic numbers are going to be quite grim,” Narvaez explained.
The Philippine Stock Exchange Index last rose 4.3 percent to 5,700.71 as it tracked upbeat regio nal markets as some territories started to lift restrictions rela ted to COVID-19 lockdowns.
“The week’s close at 5,700.71 still highlights near-term bounce as a mere technical rebound and is not sustainable. This may see more price action towards the retest of the 5,000 levels in the near-term,” BDO Unibank Inc. chief investment strategist Jonathan Ravelas said.
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