The main index was up for three of the five trading days, but was still on lower volumes, as trades reached only P5 billion on average as against the year-to-date average of P5.72 billion.Most of the sub-indices ended in the green, led by the broader All Shares index that gained 44.27 points to close at 3,532.53 points, the Financials index rose 72.87 to 1,918.13, the Industrial index surged 168.05 to 9,505.89, the Holding Firms index added 87.26 to 6,405.79, the Property index increased 40.
“If the stars align—lower inflation, an end to the rate hike cycle, and more positive earnings releases—we could see the index attempt a breakout above the strong resistance at 6,650. Nonetheless, downside risk cannot be discounted just yet, as investors will be quick to sell in case news flows are disappointing,” Colet said.Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc.
“How the market will close the week however may depend on our April inflation figures. An inflation reading slower than March’s 7.6 percent, especially one near or at the lower end of the Bangko Sentral ng Pilipinas’ 6.3 percent to 7.1 percent ranged forecast may give the local market a boost,” he said.Broker Regina Capital Development Corp. gave a hold rating on the stock of GMA Network Inc.
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
LIVE UPDATES: President Marcos' official visit to the United StatesPhilippine President Ferdinand Marcos Jr. heads to the United States for an official visit which includes a meeting with US President Joe Biden. Bookmark this page for updates and analysis from Manila and Washington DC.
Source: rapplerdotcom - 🏆 4. / 86 Read more »
Negros labor groups to demand P750 national minimum wage on Labor Day protestLabor groups on Negros Island are uniting under the banner of the United Labor Alliance – Negros to demand for a P750 across-the-board national minimum wage during a protest in Bacolod City on Monday afternoon, May 1. | carlapgomezINQ /PDI
Source: inquirerdotnet - 🏆 3. / 86 Read more »
Apple and Amazon ‘committed’ to big screen, says theater owners’ association prexyMovie theater owners are confident that previously streaming-focused tech giants Apple and Amazon are now “committed” to putting their films on the big screen—even if Netflix still declines to—their trade body’s new president told AFP.
Source: inquirerdotnet - 🏆 3. / 86 Read more »
‘Balikatan’ an ‘incredible’ success, says US envoyThe success of the just-concluded “Balikatan” exercise between the Philippines and the United States is a testament to the strength of the two countries’ alliance, US Ambassador MaryKay Carlson said. | dexcabalzaINQ INQjacobreports /PDI
Source: inquirerdotnet - 🏆 3. / 86 Read more »
US reaffirms support for PH vs China's SCS incursionsThe United States (US) has reaffirmed its commitment to stand with the Philippines against any form of harassment and intimidation in the South China Sea. | ManilaBulletin
Source: manilabulletin - 🏆 25. / 51 Read more »
US calls out China: ‘Desist from provocative, unsafe conduct’ in West Philippine SeaThe United States on Saturday called on China to stop harassing Philippine vessels in the South China Sea, pledging to stand with the Philippines at a time of simmering geopolitical tension. | Reuters
Source: inquirerdotnet - 🏆 3. / 86 Read more »