Share prices fell for the second straight week as trading became volatile after the US Federal Reserve conducted its first policy meeting for the year.
The main index was down by more than 250 points at the start of the week, when the US Fed announced its 25 basis point rate hike.Average daily trading for the week was higher at P10.6 billion, after Tuesday’s trade worth P10.5 billion and Friday’s P18.72 billion.Other sub-indices ended mixed. The broader All Shares index gained 7.83 points to close at 3,705.46 points, the Financials index rose 33.71 to 1,850.40, the Industrial index climbed 123.10 to 10,011.93, the Holding Firms index fell 118.
2TradeAsia said the release of January inflation figures will set the tone for this week’s trades, as it would be crucial to the Bangko Sentral ng Pilipinas moves on its first policy meeting on February 16. Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said the country’s consumer price index data may have a big impact on this week’s trading as inflation remains a key risk to the local economy’s growth outlook.
Maybank Securities has placed a buy rating on Shakey’s Pizza Ventures Inc. as it forecast a sustained double-digit earnings growth. The company is expanding all brands in its portfolio and is reaping the benefits of the post-Covid reopening rebound.
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