MANILA, Philippines — The Philippine stock market is still in a stubborn streak and even generally positive first-quarter corporate earnings results failed to convince enough investors to stay in the market.
Thus, 2TradeAsia sees immediate support for the benchmark Philippine Stock Exchange Index (PSEi) at 6,450, with resistance between 6,600 and 6,700.
Last week, the PSEi slipped 18 points to 6,512.01, down 0.28% week-on-week.
However, the average turnover improved by 62% to 8.52 billion pesos, but foreigners became net sellers at an average of 870 million pesos, against 475 million pesos of net purchases abroad the previous week.
“Capital markets had a fairly strong May close after Washington managed to avoid a possible default, due to the US Congress passing the debt ceiling suspension. don’t expect this to fully dictate direction in the coming sessions, it should give US fiscal policy some breathing room over the next two quarters, i.e. when a contraction in GDP is expected by consensus,” 2TradeAsia said.
Juan Paolo Colet, managing director of China Bank Capital Corp., said the market will try to find its way into the 6,400-6,600 area after last week’s volatility and large outflows of foreign capital.
He said lifting the U.S. debt limit for two years removed a major stock market surplus and provided a temporary boost to optimism.
“Locally, investors will now focus on the May inflation data from the Philippines, which is due out on June 6. A favorable inflation impression, especially below expectations, could encourage a rally in the PSEi”, Colet said.
Apart from that, he added, investors would also weigh the outlook for U.S. interest rates given mixed signals on whether the Federal Reserve will skip a key rate hike this month.
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