Investors seen awaiting inflation, policy rate news
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Sun, 03 Feb 2019 16:14:56 +0000
INFLATION data due tomorrow, February 5, and results of a Monetary Board meeting on Thursday are expected to determine the stock market’s direction during a shortened trading week.
Online brokerage firm 2tradeasia.com said investors would take their cues from January inflation data — scheduled to be released even as the country celebrates the Chinese New Year holiday — that is expected to reinforce hopes the Bangko Sentral ng Pilipinas’ (BSP) policymaking body would keep key interest rates unchanged on February 7.
In a separate comment, Eagle Equities Inc. research head Christopher Mangun said he expected lower trading volumes this week due to the holiday on Tuesday.
“The market may continue to trade sideways between 8,000 and 8,200. We may see it end the week lower, but the key is for it the stay above the 8,000 level,” Mangun added.
“With earnings reports set to start coming in by next week (second week of February) on top of better inflation numbers for January, we may see the market factor this in and maintain its current trajectory,” he continued.
On Friday, the Philippine Stock Exchange index rose by 1.71 percent or 136.68 points to close at 8,144.16, while the wider All Shares grew by 1.65 percent or 79.66 points to finish at 4,909.51.
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