outbrain
Close  

Profit reports to set trading direction

/ 05:04 AM August 05, 2019

Investors are seen to take their cue from a slew of much-awaited data due this week—the second-quarter local economic report, July inflation data, MSCI index rebalancing and the local monetary policy meeting.

Last week, the main-share Philippine Stock Exchange index (PSEi) fell for the second consecutive week. It lost 0.66 percent week-on-week to close on Friday at 8,129.93.

ADVERTISEMENT

Last week’s market decline was attributed to the escalation of US-China trade tension.

BDO chief strategist Jonathan Ravelas said the week’s close at 8,129.93 seemed to highlight a base-building consolidation. “This base-building could be gathering steam to try the 8,500 levels in the near term.”

FEATURED STORIES

This week, more local companies are expected to release their second-quarter earnings results, including PSEi stocks Ayala Land, SM Investments and San Miguel Corp.

The Bangko Sentral ng Pilipinas is also set to meet to discuss monetary policy on Thursday.

Security Bank chief economist Robert Dan Roces said that with second-quarter gross domestic product unlikely to make a significant rebound—
while inflation is expected to decelerate plus the US Federal Reserve’s landmark 25-basis point cut—the BSP might cut its overnight borrowing rate by 25 basis points this Aug. 8.

Read Next
EDITORS' PICK
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, Investors, trading direction
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.