The stock market is expected to trade sideways this week before the release of the minutes of the US Federal Reserve's (Fed) meeting from March 14-15 on Wednesday. Read on for the latest Philippine Stock Exchange Index's (PSEi) weekly forecast.

Here are three fast facts on the projected stock performance from April 3-7:

1. The stock market is expected to trade sideways during the first week of April as investors look for catalysts.

"The market is still poised to trade sideways as investors are in search for any catalysts to propel the market higher," BusinessWorldOnline reported Luis Limlingan, Regina Capital Development Corp. managing director, as saying in a text message. The catalysts include US President Donald Trump's reform plans and the next move of the Fed.

According to 2TradeAsia.com, investors will watch out for clues on how the Central Bank of the US will move forward once the Fed's minutes of the meeting from March 14-15 is released on Wednesday.

"With concerns brewing on the capability of the current US administration to implement the tax reform overhaul, eyes are set on how the Fed will counter this hurdle in terms of monetary policies," 2TradeAsia.com added in its weekly report.

2. Market resistance is pegged at 7,400.

The resistance of the market is pegged at 7,400 2TradeAsia.com reports. It added that the market must break away from its current sideways trend. The online brokerage believes that it might get positive traction, especially after the announcement of the economic stimulus measures of the US, including data on employment and inflation.

3. Market support is pegged at 7,250 level.

Meanwhile, the online stock trading company pegs market support at 7,250. Aside from watching out for events in the US that could affect the stock market, investors are also keeping an eye out for developments in the UK after it filed a formal notice to leave the European Union (EU), which was dubbed as the British Exit (Brexit).

On the other hand, the local stock market will also be waiting for the announcement of the next Bangko Sentral ng Pilipinas (BSP) chief. Philippine President Rodrigo Duterte will make the appointment in three to four weeks' time, Reuters reported Finance Secretary Carlos Dominguez III as saying last Wednesday, April 29. 

PSEi News

As of 12 noon, the PSEi is up 0.32 percent, or 23.39 points at 7,335, according to the index's official Twitter account. On Friday, March 31, the PSEi closed at 7,311.72 points, the PSE Daily Quotations Report noted. There were 79 decliners and 65 advancers, while 86 were unchanged.

What do you think of the PSEi's forecast about the stocks' performance from April 3-7? What about the PSEi index last March 31? Let us know your thoughts in the comments section below.

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