Philippine stocks are expected to move sideways this week, with an upward bias on the back of expectations the August inflation print will ease from 4.4 percent in July.“The market could move with an upward bias on the back of expectations that the Philippines’ August inflation print which will be released on Thursday would be lower than July’s 4.4 percent,” Philstocks Financial Inc. research head Japhet Tantiangco said.
Tantiangco said investors would also take cues from other economic data including the strengthening of the peso against the US dollar, the S&P Global Philippines’ Manufacturing PMI for August and the Philippines’ labor force figures for July.The bellwether Philippine Stock Exchange index touched the 7,000 level several times last week, but closed lower amid profit-taking.