The Philippine stock market is expected to return to its sideways movement this week after last week’s bargain-hunting as investors await the release of June inflation data.
The Bangko Sentral ng Pilipinas earlier said inflation rate in June 2024 likely settled within a range of 3.4 percent to 4.2 percent following May’s 3.9 percent.Other positive factors that could sustain the upward momentum in the local stock market are the record high US stocks, stabilizing peso against the dollar and the recent move of the BSP to maintain interest rates.
The PSEi jumped 253 points, or 4.12 percent last week to close at 6,411 amid bargain-hunting and window-dressing activities.
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