The week started with the main index down for two consecutive sessions, but its losses were pared after it notched gains for three straight days.Value of trade was up at an average of P9.3 billion, thanks to Tuesday’s huge volume of P21 billion. Foreign investors, who accounts for 60 percent of the trades, were net sellers at P6.97 billion.
Top losers, meanwhile, were Keppel Philippines Holdings Inc. A, Megawide Construction Corp., I-Remit Inc., AllDay Marts Inc., AllHome Corp., Manila Bulletin Publishing Corp., Coal Asia Holdings Inc. and Xurpas Inc.Share prices may remain volatile this week as investors will have to chew on economic data for their trades.
Investors may also look into the country’s upcoming labor force survey and foreign direct investments data for more clues on the local economy. “While the jury is still out on whether or not the Fed will revert to ‘usual’ 2022 hikes of 50 basis points each, indicative movements from the US dollar strengthening plus treasury yields are showing markets bracing for another half point hike later in the month,” it said.Maybank Investment Banking Group has given shopping mall operator SM Prime Holdings Inc. a buy rating, with a target price of P43, as it provides a direct exposure to the country’s consumption story.
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