SHARES could rebound this week despite continued cautiousness over the Russia-Ukraine war as more companies release their financial reports.

The 30-member bellwether Philippine Stock Exchange index (PSEi) went down by 46.08 points or 0.62% to close at 7,342.01 on Friday, while the broader all shares fell by 22.90 points or 0.58% to 3,895.52.

Week on week, the PSEi went up by 129.78 points from its finish of 7,212.23 on Feb 24.

“Market participants may look forward to the string of economic and corporate earnings results that will be released in the coming days,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in a Viber message.

Some 56% of the PSEi basket have already reported their financial results and 21% of them are expected to release their reports in the coming week, online brokerage 2TradeAsia.com said.

This week, companies holding analyst briefings include Ayala Corp., Metro Pacific Investments Corp., AC Energy Corp., Security Bank Corp., BDO Unibank, Inc., Robinsons Land Corp., Megaworld Corp., Aboitiz Power Corp., Equity Ventures, Inc., Ginebra San Miguel, Inc., Petron Corp., and San Miguel Corp., among others.

“In the international scene, investors may be watching closely how the geopolitical tensions between Ukraine and Russia unfold, along with the impact it brings to global commodity prices,” Mr. Pangan said.

The number of Ukrainian refugees was expected to reach 1.5 million on Sunday as Russia continued its attack 11 days after invading Ukraine and Kyiv pressed for further Western action, including more sanctions and weapons, Reuters reported.

Moscow and Kyiv traded blame over a failed ceasefire on Saturday that would have let civilians flee Mariupol and Volnovakha, two southern cities besieged by Russian forces. Ukrainians who could escape spilled into neighboring Poland, Romania, Slovakia and elsewhere.

Ukrainian negotiators said a third round of talks with Russia on a ceasefire would go ahead on Monday, although Moscow was less definitive.

2TradeAsia.com said that the Russia-Ukraine crisis could push the US Federal Reserve be more dovish in its policy adjustments.

“The other half of the anxiety, at least from a market standpoint, is on the oil markets. Crude prices hit levels never before seen since 2010, and as a perennial oil importer, the country is already experiencing great fiscal pressure to make interventions,” 2TradeAsia.com said.

The Fed is expected to start raising rates this month, with analysts previously predicting the central bank to start its tightening cycle with a 50-basis-point hike to combat rising inflation.

US crude prices topped $115 a barrel last week, while other commodities such as wheat also surged.

For the coming week, 2TradeAsia.com placed the PSEi’s immediate support at 7,200 and resistance at 7,500.

Meanwhile, Timson Securities’ Mr. Pangan said support is pegged at 6,940 and resistance at 7,510. — L.M.J.C. Jocson with Reuters

RELATED ARTICLESMORE FROM AUTHOR