Sideways ahead of economic briefing

Local stocks are expected to drift sideways this week as investors await market-moving news, particularly Tuesday’s economic briefing, to see if the benchmark index will retest the 7,400 level to a new all-time high or continue with its consolidation.

The Bangko Sentral ng Pilipinas Investor Relations Office (BSP-IRO), which hosts the economic briefing twice a year, will update stakeholders about the current state of the economy on Tuesday. Some cabinet members, particularly the government’s economic managers, are expected to be present during the briefing.