SHARE prices rose last week, with the main index returning to the 6,600-point level, as investors found reprieve following a dovish tone from the US Federal Reserve.The main index was up three of the five trading days, but it was down when the policy-making Monetary Board of the Bangko Sentral ng Pilipinas raised its rates by 25 basis points. The BSP mirrored the US Federal Reserve’s move of raising its rates during the week.
Top losers, on the other hand, were Ionics Inc., PH Resorts Group Holdings Inc., Manila Broadcasting Co., Macay Holdings Inc., MJC Investments Corp., iPeople Inc. and Victorias Milling Co. Inc.SHARE prices may move higher this week following signs that the US Fed will ease its rates sooner than expected.
Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said the market may test the 6,600-point level. If it is able to hold its position at such line, this will become its support while its next resistance would be at 6,800. On the other hand, failure to do so would bring the market back to its 6,400 to 6,600 trading range, he said.
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