The benchmark Philippine Stock Exchange index will consolidate near the 7,000 level as investors await the release of new inflation data on Tuesday.
The latest inflation print will be the primary focus during the Bangko Sentral ng Pilipinas’ next interest-rate setting meeting on Feb. 16, according to BSP Governor Felipe Medalla.Meanwhile, key support zones for the PSEi were from 6,850 to 6,650 then 6,400 to 6,200, said Juanis Barredo, chief technical analyst at COL Financial Group Inc.
First Metro Investment Corp. and University of Asia and the Pacific said in the latest issue of The Market Call that the benchmark index could reach 7,500 within the year due to strong corporate earnings. “Nonetheless, volatility will remain due to global uncertainties, particularly on inflation and interest rates, and so investors should still exercise selectivity,” it said.Your subscription has been successful.
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