Shares to extend climb on Fed, BSP rate cut hopes

PHILIPPINE STOCKS may climb further this week as investors expect further monetary easing here and in the United States, which would support economic growth.

- A.G.C. Magno with Reuters

On Friday, the Philippine Stock Exchange index (PSEi) rose by 0.49% or 30.87 points to close at 6,264.49, while the broader all shares index increased by 0.17% or 6.36 points to 3,740.81.

Week on week, the PSEi also went up by 155.28 points from its 6,109.21 close on Sept. 12.

“The local market rose further, backed by positive cues from Wall Street and lower local yields,” Philstocks Financial Inc. Research Manager Japhet Louis O. Tantiangco said in a market note on Friday. “These come following the Federal Reserve's move to cut their policy rates by 25 basis points (bps) together with their signal of more possible rate cuts within the year.”