Earnings, inflation data to dictate market direction

Corporate earnings results and the release of July inflation numbers will dictate the direction of the local market this week, with shares likely to continue moving sideways until stronger incentives emerge.

Share prices trudged sideways last week and ended flat as investor optimism over the ongoing earnings season was “challenged “ by the Chinese Ghost Month, higher interest rates and outside market forces, said Justino Calaycay Jr., analyst at Accord Capital Equities Corp.