STOCKS dropped on Monday amid rising oil prices, which could cause inflation to spike further and cause the US Federal Reserve and the Bangko Sentral ng Pilipinas (BSP) to hike rates further.
TRADING on the stock market is expected to be volatile this week ahead of the release of May inflation data, which could give the central bank a reason to hike rates anew to control rising prices.
SHARES continued to decline on Thursday on concerns over rising inflation, which could cause further tightening by the US Federal Reserve, and as the Philippine Senate deferred the ratification of a key trade agreement.
STOCKS continued to decline on Wednesday as the Philippine central bank said inflation may breach 5% in May and amid expectations of aggressive tightening by the US Federal Reserve.
SHARES dropped on Tuesday as global oil prices surged after the European Union (EU) said it aims to cut oil imports from Russia by 90% by this year’s end.
STOCKS continued to improve on Monday amid Wall Street’s rebound amid easing economic concerns and with China loosening mobility restrictions.
SHARES are seen to move upwards this week as the next administration has begun revealing its economic team and fiscal policy direction, and amid the acceleration of the country’s vaccination drive.
STOCKS ended higher on Thursday after minutes of the US Federal Reserve’s meeting showed it will stay the course on its planned rate hikes, as well as the next administration’s announcement of members of its economic team.
PHILIPPINE SHARES corrected on Wednesday, tracking Asian markets, even as concerns over rate hikes and the global economy’s prospect continued to affect sentiment.
STOCKS continued to drop on Tuesday as net foreign selling surged amid Wall Street’s rise and expectations of global monetary tightening.
SHARES declined on Monday amid fears of another surge in coronavirus disease 2019 (COVID-19) cases in the country and ahead of key economic data releases this week.
STOCKS could move sideways this week as investors wait for the new administration to announce its economic managers and fiscal policy plans and following the Philippine central bank’s first rate hike since 2018.