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Possible rate cuts excite stock market

Business | The Stock Market

Possible rate cuts excite stock market

By James A. Loyola

The local stock market ended the day higher but below the 6,700 level which it breached in the morning, as investors anticipate rate cuts in the US and Philippines.

The Philippine Stock Exchange index (PSEi) added 41.14 points or 0.62 percent to close at 6,689.37 with the Property sector leading the advance while Services and Banks retreated. Volume improved to 460 million shares worth P5.22 billion as gainers swamped losers 117 to 59 with 52 unchanged.

“Philippine shares made a challenge towards the 6,700 level settling just a few points off as investors await more data that will fuel expectations of rate cuts for both the BSP [Bangko Sentral ng Pilipinas] and Fed [US Federal Reserve],” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said “the local bourse gained due to the positive spillover from the US markets’ performance last Friday.“

“Moreover, report that the Bangko Sentral ng Pilipinas may cut interest rates larger than expected, boosted the sentiment. Currently, it is highly anticipated that the BSP will cut rates at their upcoming August meeting,” she noted.

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar

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