Share prices are expected to move sideways this week as investors await the inflation rate figure for the month of August.
Analysts also expect developments in Turkey and Argentina, both embroiled in currency crises, to weigh on market sentiments this week.
Papa Securities trader Gio Perez said further weakness in the currencies of Turkey and Argentina could lead to more tensions in the emerging markets
The government is set to release on Wednesday the inflation rate figure for the month of August. Bangko Sentral ng Pilipinas Governor Nestor Espenilla Jr. last week said the inflation rate in August could be close to 5.7 percent in July.
While the inflation rate would continue to be driven by higher oil and commodity process, Espenilla downplayed stronger monetary policy action from the Bangko Sentral, saying the decision of monetary authorities would always be guided by available data, not just inflation.
The PSEi last week increased 1.w percent to 7,855.71 due to window dressing at the end of the month.
Except for services index, which dipped 0.6 percent, all other sub-indices ended in green led by holding firms, which rose 2.05 percent; property which advanced 1 percent; and financial which added 0.7 percent.
Foreign investors were net sellers by P414 million, while the average daily value traded hit P7.05 billion from the previous week’s average of P6.7 billion.
The market, however, is still down 8.21 percent year-to-date.
Weekly top price gainers were JG Summit Holdings Inc., which jumped 9.4 percent to P60; Metro Pacific Investments Corp., which advanced 8.6 percent to P5.45; and First Gen Corp., which gained 7.6 percent to P17.
Weekly top price losers, meanwhile, were led by Cirtek Holdings Philippines Corp., which dropped 8.3 percent to P32; Union Bank of the Philippines which declined 5.9 percent to P76.10; and Philippine Savings Bank which dipped 5.4 percent to P83.30.
Global stock markets, meanwhile, wobbled Friday as US President Donald Trump eyed further tariffs even as roadblocks emerged on striking a key trade deal with Canada.
US stocks were essentially flat on the last trading day of August, heading into the long holiday weekend.
Markets closed before the news emerged that US-Canada talks ended without an agreement on rewriting the North American Free Trade Agreement, but will resume next week.
Even so, the US is pressing ahead with plans to sign a free trade deal with Mexico, and with Canada if talks are successful. Optimism about the talks had sent US stocks to four record-setting closes earlier in the week.
But by Friday the benchmark Dow and the broad S&P 500 were barely moved. US markets will be closed Monday for the Labor Day holiday.
A report that Trump is planning to impose tariffs on a further $200 billion of Chinese imports as soon as next week jolted trading floors in Europe and Asia.
European Commission chief Jean-Claude Juncker on Friday warned that the European Union would hit back with tariffs of its own, should Trump make good on threats to slap duties on foreign cars, as cracks emerged in an EU-US trade truce.