The Philippine Stock Exchange index (PSEi) was seen to track the corporate earnings data this week as more companies are expected to release year-end financial performance. Analysts said that the local index may also continue to consolidate due to lack of catalysts to cause upward movements.

Here are three fast facts on market performance from Feb. 13-17:

1. The PSEi is set to retest 7,221 soon but it could dive to 7,127 if the level is breached.

Regina Capital Development Corp. said that more corporate earnings reports set to be released this week could allow the PSEi to go beyond the 7200 level. Among the big companies set to release its income reports this week is Ayala Land Inc.

“We expect the continued rollout of the full year 2016 earnings results of companies to influence their respective stock price movements in the coming weeks,” The Manila Times reported Anton Alfonso, RCBC Securities Inc. research analyst, as saying. Online brokerage firm,, also said that corporate earnings and views how growth will be supported for 2017 will be the main focus of this week’s trading.

2. The PSEi may also take influence from continuous consolidation due to an absence of catalysts.

“In the absence of any catalysts, I expect a consolidation,” Business World reported Miguel A. Agarao, vice-president of Philequity Management, Inc., as saying. He added that the PSEi could also weaken if foreign outflows and weakening dollar continues.

The PSEi ended low on Friday as foreign investors pulled out more funds than they put in. However, Friday close was still higher than its 7,226.70 finish last Feb. 3. The benchmark PSEi lost 17.45 points or 0.24 percent to end at 7,235.21, while the All Shares index declined by 13.57 points or 0.31 percent to close at 4,380.51.

3. The PSEi may also take a cue from any moves of the Duterte administration, particularly on the progress of the tax reform bill.

“A glimpse of the progress in the Duterte administration’s tax reform and other fiscal policies could induce optimism, similar to how President Trump teased markets on his ‘phenomenal’ tax plan,” 2TradeAsia said. A veteran stock broker, Harry Liu, also said that the PSEi could even reach the 10,000 level within the Duterte administration so long as the administration is making good on its promises.

“At least he’s not corrupt. He’s challenging himself,” The Philippine Daily Inquirer reported Liu, as saying.

What do you think of the PSEi forecast from Feb.13-17? Let us know in the comments section below.