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Richmond Mercurio - The Philippine Star
February 17, 2025 | 12:00am
The benchmark Philippine Stock Exchange index (PSEi) closed in the red last Friday at 6,061.33, down 1.52 percent week-on-week, as the Bangko Sentral ng Pilipinas (BSP) kept policy rates unchanged in its meeting.
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MANILA, Philippines — Local stocks are expected to move sideways this week with a slight downward bias as investors turn their attention to the release of fourth quarter 2024 corporate earnings.
The benchmark Philippine Stock Exchange index (PSEi) closed in the red last Friday at 6,061.33, down 1.52 percent week-on-week, as the Bangko Sentral ng Pilipinas (BSP) kept policy rates unchanged in its meeting.
“Investors took profits following the BSP’s decision to leave interest rates unchanged. In our view, the BSP may maintain its cautious stance in the near term, carefully monitoring both external risks and domestic inflation and to protect the peso before making further adjustments to its monetary policy,” Unicapital Securities head of research Wendy Estacio-Cruz said.
She said investors are now looking forward to the fourth quarter 2024 corporate earnings, particularly from banks and property sector that are to be released this week.
First Metro Investment Corp. head of research Cristina Ulang expects the market to range trade between 5,800 and 6,200 this week in the absence of a policy cut and ahead of MSCI rebalancing implementation.
For his part, Reyes Tacandong & Co. senior adviser Jonathan Ravelas said that further sideways movement down to between 5,800 and 6,300 levels is seen continuing in the near term.
