The Philippine Stock Exchange Index opened 0.27 percent lower to 7,192.07.
"There should be some sideways trading. The index will move within a very specific range," BPI deputy head of research Jomar Lacson told ANC’s "Market Edge with Cathy Yang."
"There will be some disappointments along the way, which may weigh the index down. I don’t think this is too volatile but definitely we will be trading in a specific range," he said.
Lacson said there could be "some selling" due to profit taking, but not necessarily due to concerns over who would win in the May 9 presidential elections.
"If you’re talking about liquidity alone, there is no immediate factor that would push foreign outflows to rise beyond the current levels we are experiencing," he said.
Tough-talking Davao City Mayor Rodrigo Duterte is the frontrunner to replace President Benigno Aquino, according to opinion polls.
An April 12-17 survey by ABS-CBN and Pulse Asia Inc. showed Duterte widened his lead over erstwhile frontrunner Poe by 12 points.
source: www.abs-cbnnews.com
