Investors on sidelines as Marcos visits US

Local stocks are expected to trade sideways as investors turn to a wait-and-see mode for the results of President Marcos' US visit this week.

- By RICHMOND MERCURIO

The benchmark Philippine Stock Exchange index (PSEi) fell by 156.16 points or 2.4 percent week-on-week despite posting slight gains last Friday, in which it closed at 6,303.72.

Reyes Tacandong & Co. senior adviser Jonathan Ravelas attributed the market's slump last week to tariff uncertainty and fears of higher rates in the US amid rising inflation.

"Continue to expect the market to move sideways to down within the 6,000 to 6,500 levels in the near-term," he said.

Unicapital Securities head of research Wendy Estacio-Cruz, meanwhile, said that the PSEi was able to inch up by 0.13 percent or 8.17 points last Friday as investors grew optimistic ahead of Marcos' visit to Washington.