Philippines stocks can continueUE moved sideways at the Fed’s policy meeting this week, and is expected to generate longer tax cuts at home and corruption issues at home.
On Friday, the Philippine Stock Exchange Index (PSEI) fell 0.28% or 17.68 points, closing 6,109.21, while the widespread all-stock index fell 0.16% or 6.14 points to 3,685.59.
The week of the week, PSEI also dropped 39.92 points from 6,149.13 on September 5, marking its fifth consecutive week in the red.
“The market remains relatively flat [last] There was no major domestic catalyst driving momentum in a week. Although U.S. inflation is lower than expected, which raises hopes for the recent Fed’s slowdown, the Philippines market has so far had little reaction.
Nasdaq scored a record high during a mixed trading session on Friday at a policy meeting of the U.S. Federal Reserve this week, Reuters reported.
Investors focused on lasers at the Fed meeting Tuesday and Wednesday. Traders expect central banks to lower interest rates by 25 basis points (BP) after recent data show long-term weakness in hiring and alleviating inflation.
In the signs showing worsening job markets, interest rate futures reflect expectations for cuts, totaling 75 basis points to the end of the year.
Since December 2024, the Fed has kept its target rate within the range of 4.25%-4.5%.
“Local political headlines on local flood control projects are denied by expectations of Fed’s easing policy [this] One week, resulting in flat instrumentation,” said online broker 2tradeasia.com in the market notes.
It said this week, the Fed’s meeting will be the focus.
2tradeasia.com said: “Global markets enter this week with a focus on the Fed’s Sept. 16-17 meeting, where the reduction rate of $2.5 billion was almost locked down due to cooling inflation data and eased the labour market boost.”
At home, the government’s strengthened anti-corruption drives further growth. It was pointed out that mass scandals, especially in the short term, in large ticketing, have taken a waiting stance, taking a clearer budget transparency and budget transparency and the ability to projects, potentially forcing Peso and Curbiting Forss, and said.
2tradeasia.com sets PSEI instant support at 6,100, with resistance this week at 6,300.
Meanwhile, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., sets the instant support of PSEI at 6,105, with resistance between 6,230 and 6,915.
He said investors may remain cautious due to problems with domestic corruption. – AGC Magno
