Wobbly PSEi ahead as regulators come up against more inflation hurdles
Investors are expecting a volatile period for the stock market as they look forward to the US Federal Reserve’s policy meeting on May 3 and the latest Philippine inflation data on May 5.
The benchmark Philippine Stock Exchange index (PSEi) tilted higher the past week as it rose 0.89 percent to 6,625.08.
The outcome of the Fed’s policy meeting would be consequential for the Bangko Sentral ng Pilipinas, whose next interest rate-setting meeting is scheduled on May 18 this year.
Investors will also be monitoring further corporate developments as more companies release their first quarter financial performance.
One of the major corporate developments last week was Manuel Pangilinan-led Metro Pacific Investments Corp.’s planned delisting after a P49-billion buyout deal to be launched by its owners and a Japanese investor group.
Metro Pacific is scheduled to hold its next quarterly briefing on May 3.
Meanwhile, the next resistance area for the PSEi is from 6,730 to 6,830, according to Michael Ricafort, chief economist at the Rizal Commercial Banking Corp. He said the benchmark measure’s important support was at 6,420. INQ
