Local stocks are expected to move sideways in this shortened trading week as investors await the release of October inflation report and third-quarter corporate earnings.
Financial markets will be closed on Monday and Tuesday to mark the traditional All Saints’ Day and All Souls’ Day.
Investors also await the results of the US Federal Open Market Committee policy meeting on Nov. 1 and 2, when it is expected to announce another 75-basis-point interest rate hike..
Analysts said a higher-than-expected October inflation rate and US interest rate hikes could push the Bangko Sentral ng Pilipinas to also adjust its borrowing rate during its Nov. 17 meeting.
Online brokerage firm UTrade Inc. research analyst Niel Andrew Maderaje said the third-quarter financial performance would provide the market catalysts and help investors assess the industry outlook amid global economic challenges. “Along with corporate earnings results, various macroeconomics reports, which continue to steer the current market, are scheduled to be announced next week,” he said. Jenniffer B. Austria