Share prices are expected to continue to trade within the range of 6,100 to 6,300 ahead of key data from the United States.
Unicapital Inc. research analyst Peter Garnace said the market may take its cue from the U.S. jobs data report and the U.S. Consumer Price Index data, which are scheduled for release later this week. Garnace said these economic indicators will provide hints on the U.S. Federal Reserve’s policy path.
On the local front, he said investors will continue to monitor developments in the government’s probe into corruption and infrastructure projects and their potential impact on the domestic economy.
“We expect the local bourse to trade between 6,100 to 6,300,” Garnace said.
Last week, the bellwether Philippine Stock Exchange index edged up 0.10 percent to close at 6,149.13, while the broader all-shares index rose 0.16 percent to 3,692.17.
The market was in the red for the first three trading days of the week due to a lack of positive catalysts. However, sentiment improved in the latter part of the week on positive cues from the U.S., buoyed by increased optimism over a possible Fed rate cut.
Average value turnover declined to P5.18 billion from the previous week’s average of P9.2 billion. Foreign selling also declined, with outflows reaching P1.57 billion, down from P3.95 billion the previous week.
