LAST WEEK: It was another week of bad news for the stock market as local shares dropped 1.99 percent week-on-week to 2,389.52. Analysts said investors were wary of monetary policy decision and were also hesitant to take positions due to continued volatility in global equity markets.

THIS WEEK: Jonathan Ravelas of Banco de Oro said last week’s close continues to highlight downward pressure towards 2,300 points. “Any rally could be limited to the 2,450-level.”

For her part, Maria Arlysa Narciso, an analyst at AB Capital Securities, said a major boost possibly coming from foreign developments could make up for the lack of strong drivers and firm moves from market players.

“The Dow could continue to improve in the next days with the technical indicators signaling a possible reversal. This will hold true if it is also supported by better-than-expected earnings from major US companies. However, the Dow’s effect on the Philippine Stock Exchange Index is still to be tested since there are local issues that are also affecting the market,” she said.

STOCKS TO WATCH: The property was very much affected by the rise in interest rates. From last week, it declined by 4.66 percent due to concerns that the interest rate hike and reduced consumer spending would dampen the attractiveness and profitability of property companies. According to analysts, property stocks will still be the focus of attention this week by market players.

GLOBE Telecom should protect its market share by devising new schemes aimed at signing up new mobile-phone users to its network while keeping its subscribers from transferring to other operators.

PAL prospects weakened by increase in fuel cost

FLAG carrier, Philippine Airlines (PAL), said its net profit for the first quarter ending June this year will most likely be dampened by the surge in fuel cost.

Meralco inches up; Ayala falls

MANILA Electric Co. (Meralco) and three other companies included in the computation of the Philippine Stock Exchange index (PSEi) made it to the list of the market’s top 30 gainers.

Stock Market Outlook

LAST WEEK: It was another week of bad news for the stock market as local shares dropped 1.99 percent week-on-week to 2,389.52. Analysts said investors were wary of monetary policy decision and were also hesitant to take positions due to continued volatility in global equity markets.

TKC looks for new earnings stream

STEEL products distributor and manufacturer, TKC Steel Corp., (TKC), is looking for opportunities in the mining sector to create new revenue stream.

Iligan steel facility plans to prioritize downstream efforts

Not Business as Usual: Round 1 winner

IN the race to establish Philippine banking presence in China, the Metropolitan Bank and Trust Co. won round one when it was allowed to set up shop in Shanghai, while Allied Bank won the consolation prize of a branch in Xiamen.