Philippine stocks rose to end five days of decline on bargain-hunting, while the peso slightly recovered to close at 58.51 against the US dollar Friday.
“Investors seized the opportunity to buy stocks at attractive prices following a five-day decline, resulting in a technical bounce at the 6,400-support level,” Alviar said. Meanwhile, most Asian markets rose Friday after falling for much of the week, with below-forecast US data injecting some fresh life into hopes the Federal Reserve will cut interest rates this year.
Most have called for rates to be kept elevated for some time, while some have even advocated for another hike. “Assuming the PCE comes in OK, the data suggests the Fed doesn’t need to hike and may cut later in the year,” Capital.com’s Kyle Rodda said.