Trading at the Philippine Stock Exchange is expected to remain volatile this week as investors weigh the inflation risks caused by the Russia-Ukraine war and the recent move of the US Federal Reserve to raise interest rates. Read more👇
The US Fed last week increased interest rates by 25 basis points and penciled six more rate hikes this year to curb rising inflation.
“Trade within range and take heed of possible supply pressure on rallies,” online brokerage firm 2TradeAsia.com said. It placed the immediate support level at 7,000 points and the resistance at 7,200-7,250.The bellwether Philippine Stock Exchange Index last week slipped 1.5 percent to 7,007.63 amid volatile trading due to external factors.The services index sank 3.4 percent; mining and oil was lower by 2.1 percent; industries declined by 1.5 percent, holding firms fell 1.
Weekly top price losers include PLDT Inc., which dropped 7.8 percent to P1,686; Aboitiz Equity Ventures Inc., which declined 6.9 percent to P56.75; and PXP Energy Corp., which fell 6.3 percent to P5.68.
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