Markets to reopen with eyes on inflation, GDP data

ABS-CBN News

Posted at Nov 02 2018 09:43 AM

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MANILA -- Investors are awaiting official inflation data for signs that the price spikes have peaked, when trading in financial markets resumes next week, a fund manager said Friday.

The Philippine Stock Exchange Index has "very strong support" at the 6,900 to 7,000 level and "there is very good hand-to-hand combat between the bulls and the bears at this time," said BDO Unibank chief investment strategist Jonathan Ravelas.

Financial markets were closed on Thursday and Friday for All Saints Day and All Souls Day.

Official inflation data is due out on Tuesday while third quarter gross domestic product will be released on Thursday. On Wednesday, the National Telecommunications Commission may announce a "provisional" third telecom player.

Ravelas said October inflation could match or go lower than the 6.7 percent registered in September. President Rodrigo Duterte's economic managers earlier said there were signs inflation was easing from near 10-year highs.

A strengthening US economy could continue to drive foreign funds away from emerging markets with investors expecting a "solid" jobs report, Ravelas said.