Philippine stocks are expected to trade sideways this week, after last week’s rally as investors will likely remain glued on developments on inflation and interest rate.
“Macroeconomic concerns are still expected to be present, primarily with respect to the Philippines’ inflation and interest rate outlook. These in turn are expected to weigh on the market,” Tantiangco said. The onset of earnings could also provide positive catalysts that could bring back the bullish sentiment.After three straight weeks of decline, the 30-company Philippine Stock Exchange index rebounded strongly, gaining 185 points, or 2.88 percent, week-on-week to close at 6,628.75.Average turnover declined to P4.41 billion, down 56 percent week-on-week while net foreign selling accelerated.
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