Local, overseas events to set trading pace

The government is expected to announce the gross domestic product (GDP) growth for 2008 on Thursday, while the Monetary Board of the Bangko Sentral ng Pilipinas will meet also on Thursday to revisit policy.

The Federal Open Market Committee, the policy-making body of the US Federal Reserve, is scheduled to meet Jan. 27 and 28, also to review policy.

The benchmark Philippine Stock Exchange index (PSEi) declined by 4.76% or 92.79 points to 1,857.34 last week compared to the previous week.

“Key events may drive the market higher as the main index is on oversold levels,” DBP-Daiwa Securities, Inc. said.

The government expects full-year GDP growth at 4.2% to 4.5%.

DBP-Daiwa pointed out that although the government has already given the guidance regarding GDP growth, there might be positive surprises that could buoy investors’ appetite.

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