Philippine Stock Exchange
Philippine Stock Exchange

Philippine Stock Exchange decline for 3rd day

Philippine Stock Exchange
Philippine Stock Exchange

Philippine Stock Exchange Local stock markets may see uninterrupted positive sentiment from the economic data released last week, but inflation is following in June.

Last week, the Philippine stock index rose 0.55 percent, or 38.25 points, to 7,002.26 on Friday, supported by optimism about the local economy.

Philippine Stock Exchange Financial Inc. Jeffet Tantianko, a senior research analyst at Japet Tantianco, said the market could be flat with an upward trend this week.

Tantianko said the Ministry of Health could help maintain a positive attitude in the market for local coronavirus disease evolution (COVID-19) in 2012 after classifying the country as “low risk”. I did.

He added that the prospect of an economic recovery produced by improved printing of national production and labor data could continue to support local activity.

The Philippine Procurement Manager Index (PMI) rose to 50 from 49.9 in May and stood at 50 on June, and the Philippine Bureau of Statistics said the labor force participation rate rose to 644..6% in May, from 633.2% in April. He says he grew up.

The unemployment rate in May rose to 7..7% from 6.7% in the previous month, which is equal to the April unemployment rate of 4.14 million in May to 3.733 million.

A recent survey by the Central Bank of the Philippines (BSP), which showed an increase in consumer sentiment, could also help strengthen market sentiment, Tantianko said. However, a decline in confidence in the agency reported in the same survey may change the prospect of recovery.

Further identification of delta mutants in the country is also considered a market risk and could turn superstition into negativity, Tantinko said.

The Philippines has so far identified 17 cases of delta mutants in the country.

Investors, meanwhile, expect June data on inflation to be released “to see if price pressures on the local economy have eased,” Tantianko said.

“” [I] have been expecting investors to be cautious awaiting the latest financial report since the end of the second quarter. ”

Tantianco sets a significant moving average of the 10-day market as initial support (but currently stands at 6,932.13), but initial resistance is seen at 7,300.

Christopher Manganese, head of research at AAA Equities, said inflation would become a “major factor” for investors in June.

“Most people expected that we’ve seen this in the last three months. Slightly more than the% slightly. We expect it to be close to 5% due to the rise in global oil prices, but we fear it will go further. Economic recovery and investor sentiment. ”

He added that hopes of overcoming market warnings as the vaccine program progresses have outpaced concerns in the country’s Covid-19 case.

Mangoon’s subsequent resistances range from 7,200 to 7,260 and support to 6,900.

PH stocks for tracking economic data

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