Share prices are expected to move sideways this week ahead of October inflation and third-quarter gross domestic product (GDP) data.
Analysts said weaker third-quarter economic growth could push the index even lower and could indicate slowing public and consumer spending.
“For [the] market’s general direction, however, we expect investors to take cues from our upcoming macroeconomic data,” Philstocks Financial Inc. said.
“A growth slower than the government’s 5.5 percent to 6.5 percent target for the year may weigh on the market,” it added.
The influx of third-quarter corporate earnings and upcoming manufacturing data will also dictate the market’s movement this week.
Positive results from U.S. President Donald Trump and Chinese President Xi Jinping could also ease global tariff concerns.
Last week, the bellwether Philippine Stock Exchange index closed at 5,929.68, down 0.97 percent from the previous week’s close on the weakening of the peso against the dollar and worries about the impact of corruption issues on the domestic economy.
The broader all shares index also went down by 0.41 percent to 3,593.28.
Foreign selling accelerated to P1.578 billion from the previous week’s selling of P560.6 million.
Average daily value traded reached P8.7 billion, lower than P10.15 billion.
