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Covid situation, economic data will influence the stock market index

Covid situation, economic data will influence the stock market index
Covid situation, economic data will influence the stock market index

 


Investors are expected to follow the development of the Covid-19 situation in the country, as well as the release of some major economic data and more reports on corporate earnings in the third quarter.

Japhet Tantiangco, senior research analyst at Philstocks Financial Inc., said the main index was lowered to its support range of 7,000 to 7,100 points last week, which could be tested further this shortened trading week. .

Profit-taking pushed the local Philippine Barometer of Securities (PSEi) stock market index down on Friday after falling 1.44% or 103.03 points to close at 7,054.70.

Tantiangco said futile hopes of easing the national capital region’s alert level by November 1 could lead to early selling pressure. possibility of easing restrictions during next government decision period. “

Presidency spokesman Harry Roque announced on Friday that Metro Manila would remain below Alert Level 3 from November 1 to 14.

The Philippines recorded 4,008 new cases of Covid-19 on Saturday, bringing the total to 2.783 million.

Tantiangco noted that the increase in bank lending in September could also strengthen market sentiment, as it shows improving economic conditions.

The expected impression of the country’s inflation rate for October, meanwhile, is seen as a downside risk to the market.

“If it came faster than September’s 4.8%, it could cause negative sentiment in the market,” Tantiangco explained.

Investors are also reportedly monitoring the September labor force survey results, as well as third quarter corporate financial reports.

Tantiangco said the local stock exchange could also take inspiration from the Federal Foreign Market Committee’s policy meeting abroad.

“If there will soon be hints of monetary tightening from the Federal Reserve, this could also weigh on the market,” he continued.

Meanwhile, Rizal Commercial Banking Corp. chief economist Michael Ricafort also cited the upcoming release of major economic data as a catalyst for the market.

Ricafort also included the trend of new cases of Covid-19, additional measures to further reopen the economy and the progress of the country’s vaccination program.

Tantiangco considers the 7,300 level to be the resistance of the market.

“If the 7,000-7,100 range does not hold, the next major market support is at 6,600,” he noted.

Sources

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2/ https://www.manilatimes.net/2021/11/01/business/top-business/covid-situation-economic-data-to-influence-stock-index/1820498

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