PH stocks jump above 6,800 level as investors welcome BSP rate cut

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Philippine stocks zoomed more than 150 points Friday to close the week above the 6,800 level as investors cheered the rate reduction by the Bangko Sentral ng Pilipinas, signaling the start of monetary easing.

PSE president Ramon Monzon said he expects more active trading for the remainder of the year following the rate cut. Retail sales in the United States soared past analyst expectations in July, climbing by 1.0 percent, data showed. Concerns that the US Federal Reserve had waited too long to begin cutting interest rates have seen speculation rise that it could make more than a quarter-point reduction at its next meeting in September.

Given its vast size and presence across the United States, Walmart’s earnings are closely scrutinized for signs of the broader health of US consumers.

 

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