Local stocks are expected move sideways this week as investors’ focus shift to second-quarter corporate earnings and July inflation report.
Analysts said a strong second-quarter earnings could boost market sentiments in the second half of the year.
“Investors are expected to look forward to more Q2 corporate reports. Hopes that the upcoming Q2 corporate results would be strong may help in sustaining the market’s position above the 6,600 support line,” Philstocks Financial Inc. research head Japhet Tantiangco said.
Tantiangco said investors would also look towards the upcoming July inflation data.
“A continued downtrend in inflation is seen to spur optimism which in turn could lift the market higher,” he said.
The Philippine Stock Exchange index failed to break the 6,700 level last week because of the US Federal Reserve’s latest policy rate hike and its openness for further monetary tightening in September.
The index slipped 22 points or 0.34 percent week-on-week to close at 6,625.92.
