THE stock market could build on lower-than-expected June inflation that has heightened expectations of an August rate cut and upcoming data releases, analysts said
The benchmark Philippine Stock Exchange , which ended the first trading week of July up 1.26 percent week-on-week at 6,492.75 despite a Friday drop, has now recovered most of its losses during a volatile June that saw it fall to the 6,100 level.Friday's close — the dip was attributed to profit-taking — came as the Philippine Statistics Authority reported that inflation had eased to 3.7 percent in June, below the market consensus of 3.9 percent.
The PSA, meanwhile, will issue labor and trade data for May today and Wednesday, respectively.Wednesday will also see the BSP issuing FDI figures for April, to be followed by May bank lending and domestic liquidity data on Friday.Michael Ricafort, chief economist at Rizal Commercial Banking Corp., noted that the peso-dollar rate was improving and appeared to have stabilized, which would be a good signal for the markets and the economy.
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