The benchmark Philippine Stock Exchange index will continue a sideways trade, with near-term upside likely capped around the 6,600 level ahead of the Bangko Sentral ng Pilipinas’ policy meeting this week, according to an investment bank.
The PSEi closed the previous week higher by 0.02 percent to 6,508.34.“The consensus is that the Monetary Board will keep interest rates steady, so all eyes and ears will be on the BSP’s interest rate guidance given the Federal Reserve’s more hawkish stance. investors will also be on standby for any announcement on Malacañang’s choice of next BSP governor,” Juan Paolo Colet, managing director at investment bank China Bank Capital Corp., said in a note to investors.
“We expect selective bargain hunting to continue this week as investors turn their focus on the BSP’s policy rate decision and outlook,” he added.
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