The benchmark Philippine Stock Exchange index stumbled for four straight days, closing below the 6,800 level, due to negative cues from US markets and latest Philippine inflation data.
The benchmark Philippine Stock Exchange index came out swinging last week but stumbled for four straight days afterward to end the week in the red.MANILA, Philippines — The stock market is expected to sustain its bearish sentiment this week, but potential bargain hunting may eventually lift shares out of the doldrums.
Japhet Tantiangco of PhilStocks Financial said it was the market’s worst weekly performance since Oct. 23 to 27, 2023 wherein it lost 2.95 percent. With the PSEi breaking its two-month trading range in the 6,800 to 7,000 band, 2TradeAsia.com said this could lead to a sharp technical move in either direction, “unless a fundamental force drives a quick return to form,” such as direction from BSP rates.
“Cues of prolonged monetary tightening are expected to dampen sentiment, while cues of rate cuts are expected to do the opposite. Next week, investors may also look toward our labor force survey and foreign trade data for clues on the local economy’s health,” he added.
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Philippine Stock Exchange Psei Bearish Sentiment Stock Market Bargain Hunting
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