AB Capital Securities says investors would have little data to guide them through the sessions, with few third-quarter earnings reports remaining and only the September imports data scheduled for release.

"One major catalyst that has silently helped sentiments is the drop in world crud oil prices. The market is finding some comfort in the declining price of crude oil, which was earlier feared to reach $90 per barrel," says AB Capital Securities.

"This may no longer happen this year as unusually warm weather has quelled fears of a winter heating oil shortage."

BPI Securities noted that the market remains in consolidation and investors may be waiting for more good news before accumulating.

"Market sentiment remains mixed as investors continued to cash in their gains given the recent highs established by select stocks while some investors took advantage of market weakness to accumulate in anticipation of a good fourth quarter performance."

There are also some accumulation on SM Investments, SM Prime Holdings, Piltel, Manila Water, and Philex A&B. These stocks will become part of the Phisix starting December 1.

Bangko Sentral has kept its overnight interest rates unchanged. "If world oil prices continue to soften and the peso appreciates further, these may provide a boost to market sentiment," BPI Securities added.

"Share prices have remained buoyant following continued heavy purchases by foreign institutional investors, a strong evidence that bullish sentiments remain. This optimism has been reflected in the PHISIX’s chart," says AB Capital.

The composite index has showed a bullish continuation flag pattern.

After the PHISIX’s steep run up from October 25 to November 10, traders sold and took nice profits in a short period of time.

"However, rather than sell off sharply, the market’s decline has been very gradually as eager buyers who missed the initial move snapped up stocks.