The Philippine Stock Exchange index (PSEi) went up by 104.37 points or 1.58% to close at 6,692.65 on Friday, while the broader all shares index rose by 50.49 points or 1.44% to 3,548.53. READ:
The Philippine Stock Exchange index went up by 104.37 points or 1.58% to close at 6,692.65 on Friday, while the broader all shares index rose by 50.49 points or 1.44% to 3,548.53.“The index posted a strong uptick [on Friday] as bargain hunters picked up shares following the recent pullback, which resulted in the successful test of the 6,500-6,600 support level,” China Bank Securities Corp. Research Director Rastine Mackie D. Mercado said in an e-mail.
For this week, Mr. Mercado said that the market could move with an upward bias early on amid momentum from Friday’s climb. However, this upward momentum will likely be accompanied by higher volatility as investors react to key economic data, he said. These include US job data released on Friday and the August Philippine inThe US Labor department’s employment report released on Friday showed nonfarm payrolls increased by 315,000 jobs last month after surging 526,000 in July, marking the 20poll of 13 analysts yielded a median estimate of 6.4% for August inflation, within the 5.9-6.
Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said hawkish signals from the US Federal Reserve will continue to affect the local market.
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