Philippine stocks ended nearly flat Wednesday after falling below the 6,800 level during early trading as investors await the release of August inflation.
Philstocks Financial Inc. said it revised its inflation projection to a range of 3.4 percent to 3.8 percent from 3.8 percent to 4.2 percent despite the impact of El Nino dry spell on food and energy prices in the first half. “Narratives-wise, the local market is currently seen to be optimistic amid expectations that the Bangko Sentral ng Pilipinas will cut rates further and the US Federal Reserve will start its monetary policy easing soon,” Philstocks said.
Philstocks also forecast a 5 percent to 15 percent earnings growth for PSE index members. The 30-company index is seen trading within a range of 6,998.71 to 7,665.26 by end-2024.