Stocks are expected to trade sideways this week as investors will closely watch the first State-of-the-Nation Address of President Ferdinand Marcos Jr.
Analysts said investors were interested in hearing Marcos’ programs particularly on how to boost the domestic economy amid high interest and inflation rate s. Marcos will deliver his first SONA on Monday.
Major business groups and foreign chambers last week recommended the passage of 24 priority measures to ensure inclusive growth. Aside from the SONA, investors will also monitor the second-quarter earnings of listed firms which are expected to be released starting this week.
Among the companies slated to release their financial results are Manila Electric Co., Aboitiz Equity Ventures and Wilcon Depot Inc. “As the market continues to walk on eggshells, there is something to be said on how valuations have been favorable to long term investors now, versus when the pandemic started. Brace for lighter trading sessions building up ahead of Chinese ghost month,” online brokerage firm 2TradeAsia.com said.
The benchmark Philippine Stock Exchange index climbed 1.1 percent last week to close at 6,263.39 on Friday.