Investors jittery ahead of Trump inauguration
Investors are on wait-and-see mode with Donald Trump’s inauguration set to happen this week as the former US president returns to the Oval Office.
“Shaky global capital markets were gripped by politico-economic anxiety ahead of President Trump’s official inauguration to the White House,” 2TradeAsia said in its weekly outlook.
“Apart from uncertainties in trade, immigration and taxation, the overall well-being of the US economy has been sending pain signals to the rest of the globe,” the online arm of F. Yap Securities Inc. added.
2TradeAsia pegged the immediate support at 6,000 while resistance was seen at 6,500.
In the past trading week, the stock broker said investors had sold off their positions to pocket some gains ahead of Trump’s inauguration.
The Philippine Stock Exchange index (PSEi) fell by 2.22 percent week-on-week after shedding 144 points, it noted.
2TradeAsia noted that average turnover also fell by 23.38 percent to P5.45 billion week-on-week. Average net foreign selling, meanwhile, grew 32.73 percent week-on-week to P663 million.
On Friday, investors hunting for bargains allowed the PSEi to regain some ground.
The benchmark PSEi rose by 1.38 percent, or 86.60 points, to close at 6,352.12 while the broader All-Shares index climbed by 0.76 percent, or 27.95 points, to settle at 3,703.73.
