The benchmark Philippine Stock Exchange index declined by 62.90 points or 0.89% to close at 6,998.59 on Friday, while the broader all shares fell by 30.94 points or 0.82% to 3,721.60.“We expect the PSEi to trade higher this week, boosted by election-related spending as the campaign season draws to a close,” RCBC Securities, Inc. Head of Research Erwin Rommel C. Fuentes said in a Viber message.
Pulse Asia said 56% of Filipinos would vote for the former senator, 4 percentage points lower than his February rating. The online brokerage said this would lead to higher yielding assets but a less attractive equities market. A half-point interest rate increase “will be on the table” when the Federal Reserve meets on May 3-4 to approve the next in what are expected to be a series of rate increases this year, Fed Chair Jerome Powell said on Thursday in comments that pointed to an aggressive set of actions ahead, Reuters reported.