Philippine financial markets are heading into the week on a cautious footing as renewed threats by Iran to potentially close the Strait of Hormuz inject fresh volatility into global oil supply expectations and inflation outlooks, according to Rizal Commercial Banking Corp. chief economist Michael Ricafort.
The Philippine stock market is navigating a mixed outlook as the PSEi contends with renewed foreign selling, offset partially by improving domestic investor sentiment and anticipated foreign inflows into the local bond market.
Philippine financial markets are expected to remain fragile this week, with investors bracing for continued volatility as risk aversion dominates sentiment and the benchmark index struggles to regain footing above key levels.
The Philippine Stock Exchange index (PSEi) slid 1.3 percent to 6,384.58, extending profit-taking for a second session after touching seven- to nine-month highs. Even so, the benchmark remains comfortably above the 6,000 mark, keeping the broader uptrend intact and suggesting the pullback is more consolidation than reversal.
The impressive run of Alex Eala at the Prudential Hong Kong Open ended with a painful thud on Sunday, as a troublesome right leg proved a bigger opponent than she could handle in the championship match.
Filipino households and businesses can look forward to significant relief at the pumps this week, with a major downward adjustment in fuel costs forecast following five consecutive weeks of mixed price trends.
Chemical maker D and L Industries Inc. is more hopeful about next year following the US midterm elections, which have raised hopes for an end to the Iran conflict, lower oil prices and a stronger peso. President Alvin Lao cited these as clear positives, though he warned that damaged supply chains, a severe El Niño and domestic political tensions remain key concerns.
AyalaLand Logistics Holdings Corp. (ALLHC) sharply improved its earnings in the third quarter, with net income of P62 million helping narrow its nine-month profit decline to 9 percent as industrial lot sales gained traction and cold storage operations expanded.