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Thursday, March 28, 2024

Stock market to track sideways movement

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Share prices are expected to continue trading sideways during this shortened trading week on increased global risk due to the US-China trade conflict and renewed Hong Kong protests over Beijing’s plan to directly impose national security laws on the city.

Analysts said the concerns were adding to investors’ list of worries that included a slumping global economy due to the coronavirus (COVID-19) pandemic.

“The week’s close at 5,539.19 highlights consolidation in the near-term. Risk-on theme remains fragile. Bias in the near-term remains to the downside and may see more price action towards the retest of the 5,000 levels,” said BDO Unibank Inc. chief investment strategist Jonathan Ravelas.

The immediate support and resistance is seen at 5,500 and 5,900 levels, respectively.

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