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Bargain hunting, rate cut seen lifting market

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A STOCK market rebound is likely due to bargain hunting and an expected policy rate cut, analysts said, but a further weakening of the peso could continue weighing on sentiment this week.

The benchmark Philippine Stock Exchange index , which hit an over four and a half-year high of 7,554.68 last Monday, closed Friday at 7,310.32 — 2.1 percent lower week-on-week.Last week's decline was a 'healthy correction' after market gains for 'most weeks since the latter part of June 2024,' Rizal Commercial Banking Corp. chief economist Michael Ricafort said, adding that the peso's fall had also contributed.Philstocks Financial Inc.

Tantiangco, however, said that tensions in the Middle East remained a downside risk along with the peso's direction.'A further depreciation of our currency and an escalation of tensions in the Middle East is expected to weigh on the market,' he added.Investors could also act on August overseas Filipino worker remittance data due tomorrow, Tantiangco said.Ricafort, meanwhile, said 'the BSP could do a further/bigger -0.

 

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