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LOCAL SHARES sustained their momentum on the last day of this week’s trading after positive developments in the trade talks between the United States and China.
THE MAIN INDEX dropped to the 7,600 level on Wednesday as investors stayed on the sidelines in anticipation of the trade talks between United States and China.
LOCAL SHARES on Friday ignored an expected boost to appetite from the Bangko Sentral ng Pilipinas’ (BSP) widely anticipated interest rate cut the preceding day and, instead, yielded to weakness on Wall Street and most other Asian bourses.
THE MAIN INDEX made a last-minute turnaround on Wednesday — on the eve of the Bangko Sentral ng Pilipinas (BSP) meeting where a 25-basis-point cut on benchmark interest rates is widely expected — after spending much of the day in the red as investment sentiment worldwide took a hit from the US House of Representatives move to start an impeachment inquiry against US President Donald Trump.
LOCAL SHARES recovered slightly on Tuesday, as investors anticipated the Bangko Sentral ng Pilipinas’ (BSP) monetary policy decision this week.
THE MAIN INDEX fell for the fourth straight day, below the 7,900 line, to mark its lowest point in 12 sessions, as investors kept watch of the Financial Times Stock Exchange (FTSE) rebalancing that takes effect on Monday and anticipated another interest rate cut when the Bangko Sentral ng Pilipinas (BSP) conducts its sixth policy review for the year next Thursday, Sept. 26.
THE MAIN INDEX managed to stage a last-minute rebound on Monday due to bargain hunting, ending nearly flat from Friday.
LOCAL SHARES gained for the third straight day, joining Wall Street and major Asian markets in cheering easing US-China trade tensions, even as Friday’s finish was lower than a week ago.
LOCAL SHARES may tread higher this week with the end of the Chinese ghost month, alongside likely slower August inflation and another rate cut on the horizon.
PHILIPPINE bulls see the nation’s stock index climbing back to 8,000 later this year as corporate profits recover and economic growth accelerates.