Analysts see stock market moving sideways with upward bias this week

By Jenniffer B. Austria

5. Ratification of Actions Taken by the Board of Directors, Executive Committee, Board Committees and Management since the last annual stockholders’ meeting

6. Election of the Board of Directors including the Independent Directors for 2023

7. Appointment of External Auditor

8. Other Matters

9. Adjournment

For purposes of the meeting, only stockholders of record as of May 29, 2023 are entitled to vote in the said meeting.

The Annual Stockholders’ Meeting will be streamed live and stockholders may attend and participate via remote communication by registering on or before 5:00 PM on July 14, 2023 using the registration form found in the https://www.7-eleven.com.ph/2023-asm/. Stockholders may send in questions or remarks to asm-psc@7-eleven.com.ph.

To cast your votes as a stockholder, you may vote through remote communication or in absentia, or through a proxy. Voting by remote communication or in absentia shall be done by completing the online voting form or submitting a scanned copy of the downloadable voting form found in https://www.7-eleven.com.ph/2023-asm/. The requirements and procedure for registration and voting are set forth in Annex “D” of the Information Statement and shall be published in the Company’s website at www.7-eleven.com.ph.

Pursuant to SEC Notice dated March 13, 2023 a copy of the Notice and Agenda of Annual Meeting of Stockholders and Information Statement (SEC Form 20-IS), Proxy Form, Management Report/Annual Report (SEC Form 17-A) for the year ended December 31, 2022 and Sustainability Report, and 1st Quarterly Report with Management’s Discussion and Analysis and unaudited consolidated financial statements for the three (3)

Analysts said the market was expecting the Bangko Sentral ng Pilipinas to keep interest rates unchanged after the US Federal Reserve’s last week’s decision to pause interest rate increases amid the continued easing of inflation rate.

The BSP’s Monetary Board is scheduled to meet this week to discuss its next policy decision.

“Eyes will be on BSP’s next move on rates, which will likely just be on step with the Fed—status quo for now,” online trading firm 2TradeAsia.com said.

It said with the easing inflation and expectations of less aggressive round of rate hikes for the remainder of the year, overall fundamentals strengthened over the medium term.

“The case for rate reductions as early as next year is gaining traction, as we anticipate valu- ation upgrades toward the tailend of 2024 to capture the more forgiving aspects of 2024,” 2TradeAsia.com said. Property and banking stocks are expected to benefit from improving inflation and interest rate environment. These stocks, analysts said, should get an increase in valuation over the medium term.

The bellwether Philippine Stock Exchange index hovered within a range of 6,400 and 6,500 last week, which could provide investors opportunity to accumulate on stocks and position for the long term.

“Given that the local market remains at attractive levels, we may still see bargain-hunting that can help the market extend its gains,” Philstocks Financial Inc. research manager Japhet Tantiangco said.

Tantiangco said investors would also be on the lookout for more catalysts pointing to a positive outlook for macroeconomic and corporate fundamentals.

The PSEi traded sideways last week despite an increase in foreign buying. The index closed flat last week as most counters ended in the red except for the property sector.

Foreign investors were net buyers by an average of P1.58 billion, as most stocks remained undervalued. With AFP

Biden asks rich to pay fair share of taxes, seeks workers’ support

PHILADELPHIA, USA—President Joe Biden on Saturday appealed to blue-collar workers to support his reelection quest and help him compel the richest Americans to pay more taxes.

“It’s about time the super wealthy start paying their fair share,” Biden told hundreds of union workers in the industrial state of Pennsylvania.

The campaign rally was sponsored by the AFL-CIO, a union federation that represents 12.5 million American workers and that formally endorsed Biden and Vice President Kamala Harris a day earlier.

Biden launched his 2024 re-election bid on April 25 but had held no major campaign events before Saturday’s rally.

The president made his pitch as a crowded field of Republicans jostle for the party’s nomination, with Donald Trump the runaway frontrunner despite facing federal criminal charges that he mishandled US government secrets, being impeached twice over allegations of misconduct during his White House tenure, and a swirl of other legal troubles.

Biden made a distinctly populist appeal in Philadelphia, touching on a number of issues aimed at halting a migration of working-class voters away from the Democratic Party.

Biden said pro-union sentiments are not widely shared by fellow elected officials in Washington.

“There are a lot of politicians in this country who can’t say the word ‘union’ and you know I’m not one of them. I’m proud to say the word, I’m proud to be the most pro-union president in American history,” he said. AFP