Philippine shares expected to trade sideways this week

Philippine shares are expected to trade sideways this week as investors await June inflation data and monitor the COVID-19 situation.

The PSEi rose by 38.25 points or 0.54% on Friday, closing at 7,002.26, with renewed optimism on economic recovery despite elevated case numbers.

Positive economic data, including a decline in unemployment rates and improvements in May employment figures, contributed to the market's upward trend.

The Philippine Statistics Authority reported that the country’s unemployment rate slowed to 7.7% in May from 8.7% in April, boosting investor confidence.