Philippine stocks are expected to trade sideways, with an upward bias this week, as President Ferdinand Marcos Jr.’s State-of-the-Nation Address (SONA) takes center stage.
Philstocks Financial Inc. research head Japhet Tantiangco said investors were looking forward to the 2025 SONA, particularly on how the government would keep inflation low and accelerate economic growth.
Tantiangco said investors would also watch out for upcoming second-quarter earrings of listed companies.
“Robust results are expected to lift the local market,” he said.
Investors may also watch out for the upcoming S&P Global Philippines Manufacturing PMI for clues on the local economy, he said.
While the stock index managed to stay above the 6,400 level last week, analysts said the market might have a hard time going past the 6,500 level due to market uncertainties.
Analysts said despite the market’s recent rise, the index remained undervalued. This offers opportunity for bargain hunters to accumulate on undervalued stocks.
Last week, the Philippine Stock Exchange index climbed 1.74 percent to close at 6,413.18 on Friday, while the broader all-shares index rose 1.62 percent to 3,796.87.
Average value turnover went down to P6.85 billion from the previous week’s average of P9.79 billion.
Foreign investors turned net buyers, with inflows reaching P340.15 million.
