"Besides the Lenten break, the market will also be dampened by less liquidity as we go into the tax payment season," says AB Capital Securities.

"On the macro picture, there isn’t much to look forward to. The economic picture has been improving dramatically but the political situation remains fragile."

Notwithstanding, the market may have a positive bias as the Philippine Stock Exchange implements a change in the computation of the Philippine benchmark index.

"It will be the first week wherein we will be shifting to the more internationally acceptable free float weighted index system," says AB Capital.

"Gains will be aided by index fund purchases as fund managers scurry to acquire some quality issues, which were added to the index or whose weights have increased. This is done to make sure that fund returns are not out of line from the benchmark index."

Profit-taking dominated last week’s trading as the market’s run up finally lost steam.

After breaching the 2,200 mark, the Phisix gave up 12 points to close 0.5 percent lower week-on-week to 2,196.

"Essentially, the correction was assisted by domestic and international interest rate concerns as the Fed continued their credit tightening policy last Tuesday night," says AB Capital.

BPI Securities noted that the market maintained its downward trend. The technical correction currently gripping the market remains active.

"Volumes were again robust, which suggests continued decline in the near term. Immediate support at 2172 may be tested this week."

BPI says it is too early to tell if this support will hold given the lack of relevant market news.