Stocks look to break out from slump

The local stock market is pinning its hopes on bargain hunters and the upcoming Monetary Board meeting this week to finally break out of its current slump.

- RICHMOND MERCURIO

The Philippine Stock Exchange index has been on an eight-day losing streak, closing last Friday at its lowest level so far for 2024 at 6,158.48.

Philstocks Financial research manager Japhet Tantiangco said the local market is exhibiting a bearish bias, with the market already touching a new low for the year and drawing near its support at the 6,150 level.

"With its recent downturn, the market has been driven to more attractive levels. Thus, we may see some episodes of bargain hunting in this week's trading," he said.