The benchmark Philippine Stock Exchange index (PSEi) went up by 89.54 points or 1.29% to close at 6,984.90 on Wednesday, while the broader all shares rose by 40.74 points or 1.10% to 3,726.58. READ:
The benchmark Philippine Stock Exchange index went up by 89.54 points or 1.29% to close at 6,984.90 on Wednesday, while the broader all shares rose by 40.74 points or 1.10% to 3,726.58.Philippine financial markets were closed on April 14-15 for non-working days in observance of Maundy Thursday and Good Friday.
“Note that we are a month away from what is dubbed to be the most polarizing national elections in local history, a possible 50-basis-point rate hike from the US Federal Reserve, and a full blast of first quarter earnings reports,” online brokerage 2TradeAsia.com said in a report. Meanwhile, a Reuters poll last week showed analysts expect the Fed to raise rates by 50 basis points each for its May and June review to respond to runaway inflation. These analysts also expect a 40% probability of recession by 2023.
On the other hand, 2TradeAsia.com said sectors like consumer and retail that face margin squeezes due to foreign exchange disadvantages, higher production costs due to rising inflation amid increasing oil prices are showing signs of resilience, and posting better risk-reward ratios.
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