PSEi to take cues from earnings, trade war
Credit to Author: Tyrone Jasper C. Piad| Date: Sun, 10 Nov 2019 16:11:21 +0000
Investors will remain on the lookout this week for third quarter corporate earnings and developments on the ongoing trade spat between the United States and China.
The local bourse over the past week was able to hold on to the 8,000 level despite trading sideways, and the same trend for this week is seen as well.
“Investors will watch out for more earnings and trade talk developments,” Regina Capital Development Corp. head of sales Luis Limlingan said.
Last week, among the firms that released their corporate financial reports were San Miguel Corp., SM Investment Corp., Metro Pacific Investment Corp., Robinsons Retail Holdings Inc. 8990 Holdings Inc. and Emperador Inc.
More companies including Manila Water Co., Ayala Corp., DMCI Holdings, LT Group Inc., GT Capital Holdings Inc. and Puregold Price Club Inc. are set to announce their nine-month operations results this week.
Meanwhile, Beijing recently asked to eliminate existing tariff as part of its initial deal with the United States.
The US and China have been working on the so-called “phase one” deal — covering farming and banking industries — which was originally planned to be signed this month.
“As the macro-picture awaits traction on US-China trade, watchers will continue to head for feelers on 2020 prospects, basing on preliminary capex and earnings hints from listed companies,” brokerage firm 2TradeAsia said.
2TradeAsia pegged the immediate and secondary support at 8,000 and 7,900 levels, respectively.
The benchmark Philippine Stock Exchange index dropped by 0.10 percent or 8.05 points to close at 8,065.76 while the wider All Shares inched up by 0.02 percent or 1.03 points to finish at 4,823.80 on Friday.