Bargain hunting, rate cut seen lifting market

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.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market expected to stay in 7,000 territoryEPISODES of profit-taking could occur this week following the US Federal Reserve's jumbo rate cut and the Bangko Sentral ng Pilipinas' (BSP) lowering of bank reserve requirements, analysts said.
Source: TheManilaTimes - 🏆 2. / 92 Read more »

Peso again near P56:$1; stock market reboundsTHE peso fell on Thursday but avoided a return to the P56:$1 level while the stock market posted a strong rebound back to 7,400 territory.
Source: TheManilaTimes - 🏆 2. / 92 Read more »

PH stock market pulls back from 4-day rallyDefining the News
Source: MlaStandard - 🏆 20. / 55 Read more »

Stock market nears 7,200 level; peso at 55.6 a dollarDefining the News
Source: MlaStandard - 🏆 20. / 55 Read more »