The bellwether Philippine Stock Exchange index (PSEi) added 54.96 points or 0.84% to close at 6,580.12 on Friday, while the broader all shares index increased by 11.54 points or 0.33% to 3,437.40. READ:
The bellwether Philippine Stock Exchange index added 54.96 points or 0.84% to close at 6,580.12 on Friday, while the broader all shares index increased by 11.54 points or 0.33% to 3,437.40.“The local stock market gauge gained for the second day in three days in line with the latest overnight gains in the US stock markets, which mostly corrected higher, by 0.5% to 1.1%,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
However, on Friday, US stocks closed lower due to mixed economic data that fueled conflicting Fed bets. “Aside from inflation concerns, offshore recession worries amid the Federal Reserve’s monetary tightening may weigh on sentiment. [This] week, investors are also expected to watch out for the Bangko Sentral ng Pilipinas’ policy decision, with a 25 to 50-basis-points policy rate hike anticipated. Investors are expected to watch out for clues regarding the outlook of the country’s inflation on the BSP’s upcoming policy meeting,” Mr. Tantiangco said.
2TradeAsia.com said the BSP is likewise expected to continue hiking rates this week and could give hints on its future policy path.
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