No clear direction for stocks this week

Sideways trading in the local stock market is seen persisting this week, with episodes of profit taking and bargain hunting likely to take turns as investors look out for further catalysts.

- By RICHMOND MERCURIO

Unicapital Securities head of research Wendy Estacio-Cruz said the Philippine Stock Exchange index (PSEi) is expected to trade cautiously and largely range bound this week, with selective bargain hunting providing near-term support following recent pullbacks.

“We expect the index to trade between 6,200 and 6,500,” she said.