CORPORATE results are expected to move the market this week, according to analysts and stock brokerages, citing the absence of macroeconomic data releases on the domestic and overseas fronts.
“We expect the continued rollout of full year 2016 earnings results of companies to influence their respective stock price movements in the coming weeks. Among the big caps set to release results this week is Ayala Land Inc.,” Anton Alfonso, RCBC Securities Inc. research analyst, said in a market note.
Online brokerage 2TradeAsia.com said the economic policies of President Rodrigo Duterte may also feed a bit of positive sentiment into the market similar to what happened on Wall Street when US President Donald Trump announced a new tax plan.
“A glimpse of the progress in the Duterte administration’s tax reform and other fiscal policies could induce optimism, similar to how President Trump teased markets on his ‘phenomenal’ tax plan,” 2TradeAsia said.
“Sans any significant macro data to be released this week, focus will be on corporate earnings and views how growth will be supported for 2017. The limelight might be industry-specific, especially on trails over mining and gaming–considered as significant multiplier sectors in the economy,” it added.
The PSEi is likely to trade within the 7,150 to 7,330 range, 2TradeAsia noted.
On Friday, the benchmark PSEi lost 17.45 points or 0.24 percent to end at 7,235.21, while the All Shares index declined by 13.57 points or 0.31 percent to close at 4,380.51.