Rate cut hopes seen boosting stock market

THE stock market could see some upward movements this week amid expectations of another interest rate cut by the Bangko Sentral ng Pilipinas .The benchmark Philippine Stock Exchange index snapped a three-day decline last Friday, closing at 6,729.14 and ending 1.7 percent up from a week earlier.Philstocks Financial Inc. research manager Japhet Tantiangco said the PSEi was able to close in the '6,700 – 6,800 support range' and could test it this week.

Online stock brokerage firm 2TradeAsia.com said that the November inflation uptick — 2.5 percent from 2.3 percent in October — had helped lift the PSEi.It added that 'a December Fed rate cut on the 18th is all but priced in by market globally — the surveyed probability for the US benchmark rate to be in the 4.25-4.5 percent range is over 70 percent.

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