Connect with us

Hi, what are you looking for?


Stocks may fall before January inflation report

SHARES are projected to decline in the upcoming trading week as investors await the upcoming release of January inflation data.

The bellwether Philippine Stock Exchange index (PSEi) closed at 6,612.62 on Friday, lower by 239.22 points or 3.49% from the previous trading session.

Week on week, the PSEi’s close on Friday was lower by 433.21 points or 6.15% from its 7,045.83 finish on Jan. 22.

The market’s average value turnover for the week fell 18.1% to P10.39 billion, while average net foreign selling expanded to P1.33 billion.

Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said in a mobile phone message that the market is expected to decline as investors await the release of January inflation data on Friday.

The Bangko Sentral ng Pilipinas last week said the country’s headline inflation likely settled within 3.3% to 4.1% in January due to the higher prices of fuel, power rates, and food products such as pork and chicken.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan said the market’s movement in the upcoming week will depend on any fourth quarter earnings reports of companies.

“Support at around 6,500 level might be put to a test this week as the market’s bearishness continues to strengthen as momentum mimics the rise in selling pressure,” Mr. Limlingan said in a mobile phone message.

“If the support gets breached, investors might see this as a bargain hunting opportunity,” he added.

Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said the market is seen moving sideways this week amid the release of income reports.

“The market is seen to move sideways with immediate support at 6,517 while resistance at 6,740,” Mr. Pangan said in a mobile phone message.

Timson Securities’ Mr. Pangan said the index may move lower and try to establish a firmer base on its nearest support at the 6,500 area.

“If this doesn’t hold, next support would be at the 5,800 level where it previously consolidated,” Mr. Pangan said.

The benchmark index closed lower last month as market sentiment was affected by the ongoing spread of the coronavirus disease 2019 (COVID-19) in the country and around the world.

Compared with the previous month, the PSEi’s finish for January was lower by 527.09 points or 7.38% from the 7,139.71 close in December.

Mr. Pangan said the market started 2021 on a positive note, but faltered at the latter part of January.

In mid-January, the Philippines reported its first case of the new COVID-19 variant — first detected in Britain — in a 29-year-old Filipino male who arrived from the United Arab Emirates.

Since then, the country also confirmed the local transmission of the British COVID-19 variant in Bontoc, Mountain Province. — Revin Mikhael D. Ochave

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



People walk inside the Marikina Public Market, July 28. — PHILIPPINE STAR/ MICHAEL VARCAS By Kyle Aristophere T. Atienza and Jenina P. Ibañez, Reporters...


By Kyle Aristophere T. Atienza and Beatrice M. Laforga, Reporters THE LAST TWO packages under the comprehensive tax reform program, as well as a...


THE BUREAU of the Treasury (BTr) has set a P200-billion borrowing program for August as it expects sustained demand for government securities. The BTr’s...


By Beatrice M. Laforga, Reporter THE Bureau of Internal Revenue (BIR) suspended a regulation that would have increased the corporate income tax for nonprofit...


THE World Bank (WB) and the Philippine government recently signed an agreement for the $280-million (P14-billion) additional financing for a rural development program that...


CEBU Landmasters, Inc. (CLI) is venturing into resort development as the listed Visayas-Mindanao property company disclosed on Wednesday a P2.5-billion project that will beef...

You May Also Like


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...


US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...


THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!