Philippine stocks ended the week in the green, after a seven-day losing streak on bargain hunting. The benchmark Philippine Stock Exchange index (PSEi)
The benchmark Philippine Stock Exchange index rose 10.78 points, or 0.17 percent, to close at 6,406.38, while the wider all-shares index gained 4.08 points, or 0.11 percent, to finish at 3,675.83.The peso also rebounded to 58.81 against the US dollar Friday from a record low of 59 Thursday.
Mining and oil led all sectors, rising by 1.56 percent, followed by services which went up 1.04 percent. Financial and property sectors were still in the red, declining by 1 percent and 0.40 percent, respectively.International Container Terminal Services Inc. advanced 1.3 percent to P390 after the company reported it secured 25-year extension to operate Mindanao Container Terminal. BDO Unibank Inc. dropped 2.3 percent to P144.60.
Traders are now awaiting the release later in the day of data on US personal consumption expenditure — the Fed’s preferred gauge of inflation and the last major piece of data for the year. Economists at Bank of America Global Research said in a commentary: “We stick with our forecast for two more rate cuts next year, but the risks have clearly shifted in the direction of fewer cuts. The onus is now on the data to justify additional cuts.They added that if the jobs market ran into severe trouble in the next few months “the Fed would turn more dovish, and meeting will feel like a bump in the road, rather than a paradigm shift, a few months down the line”.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘BSP rate cuts will benefit household savings in 2025’The Bangko Sentral ng Pilipinas (BSP) is expected to bring down rates further next year which will benefit household savings, according to ANZ Research.
Read more »
BSP May Reduce Policy Rates and RRR by Mid-2025, Says NomuraNomura predicts the Bangko Sentral ng Pilipinas (BSP) will continue easing its monetary policy, reducing policy rates to 5 percent by May 2025 and lowering the reserve requirement ratio (RRR) by 200 basis points by mid-2025. This is expected to improve the transmission of monetary policy and support economic growth, despite potential risks from global economic conditions.
Read more »
BINI to hold 2025 concert at Philippine ArenaLatest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Read more »
Abalos' 2025 Senate bid gains backing of Philippine councilorsNB Resolution No. 25 S-2024 cited Abalos’ vast experience as a public servant.
Read more »
Philippine Electronics to be Prioritized in Government Procurement by 2025The Board of Investments (BOI) aims to finalize an action plan by the first half of 2025 to make Philippine-designed electronic products available for government procurement and boost the country's exports. The plan was agreed upon during the Electronics Manufacturing Forum, where industry and government representatives identified key products for local manufacturing. This initiative is driven by recent legislation, including the New Government Procurement Act, which increased the local preference margin from 15 percent to 25 percent, and the Tatak Pinoy Act, which prioritizes Philippine products and services for a decade.
Read more »
Philippine President Delays Signing of 2025 Budget BillPresident Ferdinand Marcos Jr. has postponed the signing of the 2025 General Appropriations Bill (GAB) to allow for a thorough review. Senate President Francis Escudero and Finance Committee Chair Grace Poe have emphasized that this delay is part of the country's system of checks and balances and a sign of a healthy democracy.
Read more »