Philippine stock market investors will keenly watch this week’s meeting between President Ferdinand Marcos Jr. and U.S. President Donald Trump in Washington D.C., expecting share prices to trade sideways as they await results on U.S. tariffs on Philippine products.

President Marcos Jr. is set to meet with President Trump on July 22 at the White House, as part of his three-day official state visit to the US.

Unicapital Inc. research head Wendy Estacio-Cruz said investors would closely monitor how President Marcos could secure a mutually-beneficial tariff deal with the world’s largest economy.

The meeting aims to address the 20-percent tariff imposed by the US on Philippine exports, strengthen economic ties and discuss defense matters.

“We expect the index to trade within the 6,300 to 6,400 range this week,” Estacio-Cruz said.

The stock market remains on a wait-and-see mode, according to a Rizal Commercial Banking Corp. chief economist, pending whether Trump would be willing to compromise and settle for lower negotiated tariffs during the trade negotiations.

Last week, the Philippine Stock Exchange index (PSEi) lost 2.42 percent to close at 6,303.72, while the broader all-shares index dropped 2 percent to 3,736.28.

Average daily valued turnover at the stock market improved to P9.79 billion from the previous week’s average of P8.29 billion.

Foreign selling accelerated, with outflows reaching P3.4 billion versus the previous week’s P90.63 million.

The PSEi traded lower for most of the week as investors turned cautious about tariffs and the weakening of the peso against the US dollar. The peso closed at 57.14 against the greenback Friday.