PHILIPPINE STOCKS may stay under pressure this week as investors weigh rising geopolitical and inflation risks and monitor President Ferdinand R. Marcos, Jr.’s State of the Nation Address.
On Friday, the Philippine Stock Exchange index (PSEi) edged down by 0.03% or 2.11 points to close at 6,281.01, while the broader all shares index went down by 0.13% or 4.59 points to end at 3,422.48.
Week on week, the PSEi decreased by 123.1 points from July 17’s finish of 6,404.11.
“The local market declined as sentiment got hammered by the rise in global oil prices, with Brent crude hitting $100 per barrel, and the further weakening of the local currency to record lows… On a positive note, last-minute bargain hunting trimmed the market’s losses,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.
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