This is a blog entry of ABS-CBN's Maiki Oreta who covers business issues in the Philippines. Her blog, titled Business Banter, is her platform to share viewpoints, insights and intelligent rumors culled in between her formal coverages, as well as from coffee shop talks, boardroom buzz, and other sources.
MANILA, Philippines - Although last week was pretty eventful, with President Benigno Aquino’s first State of the Nation Address, the launch of NTS (New trading System), the election of a new PSE president, the PSE index itself hardly budged up by a scant 0.32% or 10.85 points week on week. This, after having moved within a tight 70 point range all week.
Why? For these three reasons:
1) Because even though it was a bit dreary, there was no big “a-ha moment” during the SONA. Thus, it was neither deemed as a big plus or big minus for the local bourse.
2) If anything else, the NTS actually kept investors “away” from the market since people were still working out how to use the system properly and since day traders were pretty much sidetracked with the new fluctuations.
3) The PSE was hunky dory without a commander in chief all these months anyway.
So, will next week be much different? Quite Possibly.
This week, the big wigs -- PLDT, Globe Telecom, Ayala Land, Metro Pacific Investments and the Aboitiz group -- will all report their earnings.
This should rock the boat at the local bourse a bit. However, any optimism over the results will be tempered by the weakness in the mature economies, the US and Europe.
After this round of earnings, what’s to propel the market further?