PHILIPPINE SHARES may move sideways this week as investors digest companies’ mixed financial results and keep a cautious stance as they look ahead to the Bangko Sentral ng Pilipinas’ (BSP) policy meeting.
On Friday, the Philippine Stock Exchange index (PSEi) rose by 0.14% or 9.05 points to close at 6,297.30, while the broader all shares index edged up by 0.06% or 1.94 points to end at 3,439.17.
Week on week, the PSEi increased by 6.95 points from Aug. 7’s finish of 6,290.35.
“The local market rose, taking cues from Wall Street’s overnight climb. This comes on the back of favorable inflation figures in the US which raise hopes that the Federal Reserve won’t take a hawkish stance moving forward. Appreciation of second-quarter/first half (Q2/1H) corporate results of selected companies also helped in Friday’s climb,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message last week.
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