Reporter
SHARES are expected to move sideways this trading week as investors pocket their profits while they await the central bank’s decision at its first policy meeting for the year.
The benchmark Philippine Stock Exchange index (PSEi) ended at 7,019.18 on Friday, higher by 115.43 points or 1.67% from its previous close of 6,903.75.
On a weekly basis, the main index likewise improved by 406.56 points or 6.15%.
The market’s average turnover fell 4.08% to P9.97 billion last week, while average net foreign selling declined 60.18% to P528.12 million.
Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said in a mobile phone message that the market is projected to move sideways this week as investors are seen to book their profits ahead of the Bangko Sentral ng Pilipinas’ (BSP) policy meeting.