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Market Update: Philippines Stocks Hover at Near 2-Week Low
The PSE Index lost 32 points or 0.5% to a near two week low of 6,657 in early deals on Friday and is on track to decline 0.8% weekly, as market participants were cautious after the US central bank signaled it may start raising short-term interest rates by late 2023 while beginning the possibility of slowing its bond-buying program. Reports that the number of Americans filing new claims for unemployment benefits increased last week for the first time in 1-1/2 months also weighed on sentiment. Locally, the amount of liquidity pumped by the Bangko Sentral ng Pilipinas to sustain the country’s economy rose to around 12.1% of the nation’s total output or PHP 2.2 trillion in June, according to Governor Benjamin Diokno. The measures include the cumulative 200-basis-point cut in the BSP’s key policy rates. On the COVID-19 side, the Philippines saw 6,637 new cases, raising the total tally to 1.33 million. [/s2If]
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