The benchmark Philippine Stock Exchange index (PSEi) rebounded by 91.99 points or 1.32% to close at 7,018.02 on Friday, while the broader all shares went up by 38.22 points or 1.03% to end last week at 3,739,45. READ:
The benchmark Philippine Stock Exchange index rebounded by 91.99 points or 1.32% to close at 7,018.02 on Friday, while the broader all shares went up by 38.22 points or 1.03% to end last week at 3,739,45.“As we look forward to a shortened trading week ahead, investors may assess a few economic reports scheduled for release in the coming days, one of which would be the US inflation report for the month of March.
Philippine financial markets will be closed from April 14 to 15 due to regular holidays in commemoration of Maundy Thursday and Good Friday, respectively.US inflation rose by 7.9% in February, mainly due to the faster increase in the prices of rent, food, and gasoline, based on data from the Labor department. This is the quickest pace since January 1982 and is nearly four times the 2% target of the US Federal Reserve, Reuters reported.
“Given [last] week’s price action, momentum has now shifted to the side of the bears, which makes a retest of the deeper 6,800 support juncture a possible scenario. However, it can still go either way as historical price movement of the index over the past six months shows that a swift recovery may still follow a steep sell-off,” Mr. Mercado said in an e-mail.
RCBC’s Mr. Ricafort added that the last month of the campaign period for the national elections could lead to increased spending.