Philippine stocks are expected to move sideways with a downward bias this week amid the lack of positive news or catalysts.
“The probability of an extended downtrend past 6,500 should warrant extra caution in trades,” online brokerage firm 2TradeAsia.com said. Analysts said market sentiment was being weighed down by the recent upward adjustment in Bangko Sentral ng Pilipinas’ inflation target to 4 percent on worsening upside risks and the higher US inflation rate that could delay cuts in interest rates to the latter part of 2024 or early next year.High inflation and interest rates could also affect corporate earnings in terms of reduced margins due to higher cost.
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