The benchmark Philippine Stock Exchange index fell by 61.45 points or 0.96% to close at 6,331.56 on Friday, while the broader all shares index declined by 40.29 points or 1.17% to 3,394.95.Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the PSEi dropped in the past week in line with declines in the US and global stock markets due to rising inflation.
China Bank Securities Corp. Research Director Rastine Mackie D. Mercado said shares may rally this week on bargain hunting, but gains are likely to be limited. RCBC’s Mr. Ricafort said signals from central bank officials about the certainty of another rate hike this week show the economy is already strong enough to weather higher borrowing costs.
The BSP kicked off its tightening cycle at its May 19 meeting, hiking rates by 25 bps for the first time since 2018 to stem rising inflation.
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