Market trading is expected to remain volatile this week on continued concerns over rising inflation and interest rates.
“With inflation and interest rates yet to peak, market remains vulnerable to sell-off,” said eMBM Services managing director Jonathan Ravelas.
Inflation rate hit a four-year high of 6.9 percent in September on the back of higher food prices.
Analysts said with the recent damage caused by typhoons on agriculture production and increase in oil prices because of production cut, inflation rate would likely remain high.
“The bounce back to near 6,000 level was expected, as emotions temper; the trek about this level is another matter and will depend on broader market fundamentals being more accommodative for 2023,” online brokerage firm 2TradeAsia.com said.
The bellwether Philippine Stock Exchange index posted a strong rebound, ending the week 3.33 percent higher to close at 5,932 on Friday.
The broader all-share index also rose 2.9 percent to settle at 3,200.
All counters recovered, held by holding firms (up 3.67 percent), services (3.58 percent) and property (3 percent).
Foreign investors were net sellers last week by P62.7 million, while the average daily turnover thinned to P4.3 billion from the previous week’s average P9.8 billion.
Top gainers last week were International Container Terminal Services Inc., which advanced 13.4 percent to P177.60, Manila Electric Co. which went up 12.3 percent to P295.40 and Globe Telecom Inc. which climbed 6.4 percent to P2,160.
Heavy losers were Wilcon Depot Inc. which declined by 11.4 percent to P28.30, DITO CME Holdings Corp. which dropped 7.7 percent to P2.73 and MREIT Inc. which decreased 5.8 percent to P13.18.