Local equities may continue trading sideways this week as investors reposition their portfolios ahead of the earnings season.

The bellwether Philippine Stock Exchange index (PSEi) moved back to the 8,400 level on Friday, Feb. 23, losing 0.56% or 48.01 points to 8,467.56 at closing bell. The market recorded a three-day decline after testing the 8700-resistance on Monday, when it closed at 8,722.70.

Week-on-week, the market lost 144 points or 1.7%, weighed down by the 2.2% and 2% decline in the sectors for industrial and holding firms, respectively.

“Next week there may be some repositioning ahead of window dressing. Earnings will be the main driver,” Reginal Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile phone message last Friday.

A number of listed firms will be conducting their 2017 financial results briefings this week, including PSEi-member firms Semirara Mining and Power Corp. and BDO Unibank, Inc. on Monday, Manila Electric Co.. on Tuesday, and Metro Pacific Investments Corp. on Thursday.

Manila Water Company, Inc., PXP Energy Corp., and Philex Mining Corp. will also have their analyst briefings on Wednesday. — Arra B. Francia

RELATED ARTICLESMORE FROM AUTHOR