PH GDP, job reports to affect investor decisions
Philippine investors are set to get cues from the release of Gross Domestic Product and employment reports as the local stock market strives to move further up this week.
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco explained that this method will help investors get clues on the health of the economy.
“The robust second quarter and first half corporate results may still give investors’ sentiment a boost,” said Tantiangco.
However, he noted that “the market may deal with concerns over a possible aggressive policy action by the BSP in their meeting this August following the July inflation print which came in at 6.4 percent.”
Stock brokerage 2TradeAsia.com said the 3-year high July inflation figure comes amid “drivers that have been volatile as of late” although global commodity prices have been declining.
“This could be a function of supply finally catching up to extraordinary backlogs in [the] first half of 2022 (such as wheat from Ukraine or metals from China) but there should be less pressure on the raw materials side of the equation in [the] third quarter,” it noted.
However, 2TradeAsia.com said, “local factory gate prices have surged in June which implies that there is some inflation still locked behind the value chain, only waiting to be passed on.”
Meanwhile, COL Financial has BUY ratings on stocks such as Semirara, Nickel Asia, and SM Investments.
At the same time, Abacus Securities Corporation is planning to move into SM’s retail segment and Puregold.
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