PH shares seek shot of energy after lackluster week
A slew of corporate earnings and the upcoming July inflation report will keep investors busy this week.
The market is hoping for a jolt in activity after the benchmark Philippine Stock Exchange index (PSEi) ended relatively flat the past week as it declined 0.34 percent to 6,625.26.
The government is set to release the July inflation print on Aug. 4, providing crucial data ahead of the Bangko Sentral ng Pilipinas’ Aug. 17 policy meeting. Also in store is the expected stream of second quarter corporate results.
Michael Ricafort, chief economist at the Rizal Commercial Banking Corp., said the PSEi was still trading within a tight range.
The 6,700 level continues to cap gains and acts as a key resistance zone while immediate support is found from 6,500 to 6,530. Below this, the major support areas are 6,250 to 6,400.
The PSE recently completed its review of indices from July 2022 to June 2023 and said there would be no changes to the composition of the 30-member PSEi.
However, certain subsectors will be revamped beginning Aug. 7 this year.
The services subsector will see the inclusion of Belle Corp., DFNN Inc., DigiPlus Interactive Corp. and Harbor Star Shipping Services Inc. and the removal of Transpacific Broadband Group International Inc.
Citicore Energy REIT Corp. (C-REIT), Ever-Gotesco Resources and Holdings Inc. and MRC Allied will be added to the property index while D. M. Wenceslao and Associates and Primex Corp. will be removed.
Raslag Corp. and Figaro Coffee Group Inc. will replace Shakey’s Pizza Asia Ventures Inc. and Roxas and Company Inc. in the industrial index while Lepanto Consolidated Mining Co. will be removed from the mining and oil index.
Figaro will also join the PSE Dividend Yield index, replacing C-REIT. Ginebra San Miguel and Philippine National Bank will take the slots of AyalaLand Logistics Holdings Corp. and Petron Corp. in the PSE MidCap index.
