Stocks may rise before Powell speech, BSP meet

PHILIPPINE SHARES may rise slightly when the market reopens on Friday as investors reposition before the US Federal Reserve Chair Jerome H. Powell’s speech at their annual gathering and the Bangko Sentral ng Pilipinas’ (BSP) policy meeting next week, where it is expected to deliver a third straight rate cut.

- R.M.D. Ochave with Reuters

On Wednesday, the Philippine Stock Exchange index (PSEi) inched up by 0.20 point to close at 6,277.87, while the broader all shares index slipped by 0.07% or 2.76 points to end at 3,735.14. The market was closed on Thursday for the Ninoy Aquino Day holiday.

“There can be muted technical correction ahead of next week due to an oversold market,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message.

The PSEi has been moving sideways in the past few days, staying at the 6,200 level due to a lack of fresh catalysts before the US Federal Reserve's annual Jackson Hole symposium.