Financial markets...

Office (NSO) is set to report on the latest inflation figure.

Against this backdrop, Del Castillo said market investors are getting increasingly impatient over the unabated increase in oil prices.

“Others are getting disappointed on the continued spike in local gas prices and its effect on the economy. Higher global crude prices and renewed tensions again in the US-China trade war added to the cautiousness of investors,” Del Castillo said.

Moving forward, he said, market players should brace for a possible slide toward the 7,100 level given the litany of concerns on the horizon.

Total value turnover reached P5.7 billion as foreign investors dumped more stocks than they bought.

Net foreign selling – the 24th straight day – reached P397.38 million as foreign fund managers fear the shortterm negative sentiment.

Concerns on rising interest rates are also affecting sentiment, added Piper Chaucer Tan of Phil-stocks Financials.

“Concerns over rising interest rates ahead of Friday’s inflation data drag on sentiment, easing what little gains the PSE had briefly held earlier in the day,” Tan said.

All eyes will be on Friday’s inflation report, which could trigger more sell-off if September’s figure would be even worse than expected.

“We might, however, continue to see more of the lackluster volume in the next few days as the market awaits Friday’s inflation data release,” said Jose Gabriel Perez of Papa Securities.

Metropolitan Bank & Trust Co. said in its latest Views from the Metro the peso is seen trading within a range of 54.1 to 54.3 per $1 as players look for a catalyst after the interest rate hikes by the BSP and the US Federal Reserve last week.

The central bank hiked benchmark rates by another 50 basis points last Sept. 27, bringing the cumulative increase to 150 basis points so far this year to curb rising inflationary expectations.