This is according to 2TradeAsia’s commentary on this week’s trading, which is shortened because of the Oct. 30 barangay elections and the Nov. 1 and Nov. 2 non-working holidays.
The Philippine Stock Exchange index fell by 180 points or 2.95 percent to 5,962 week-on-week. All counters weakened, led by services ; property and mining and oil . RCBC economist Michael Ricafort, for his part, sees the next support level at 5,800 to 5,900 levels with immediate minor resistance at 6,060 to 6,130 levels.Upcoming Philippine economic data could serve as catalysts. These include the latest domestic liquidity growth and bank loans growth due on Oct. 31 as well as the next local policy rate-setting meeting of the BSP on Nov. 16.
Economists are split over the next policy move of the Bangko Sentral ng Pilipinas after it delivered an off-cycle 25-basis-point...