Markets gain 18.98 points on positive sentiments

The local stock barometer Philippine Stock Exchange Index (PSEi), gained 18.98 points, up 0.28 percent to 6,699.66 on the last trading day of the week as positive sentiment persists.

Net value turnover was recorded at P6.71 billion, higher than the month-to-date average of P6.44 billion.

Except for Properties, all sectors were in the green. Among the PSEi members, Wilcon Depot, Inc. gained the most by 4.46 percent, while Converge ICT Solutions, Inc. was at the bottom, dropping 8.45 percent.

“Investors expect that the Bangko Sentral ng Pilipinas (BSP) will not be aggressive in its monetary tightening after the inflation in the US slowed down. Moreover, Fitch Solutions upwardly revised its 2022 Philippine economic growth forecast from 6.1 to 6.6 percent following the strong first half performance,” Philstocks Financial, Inc. assistant manager for research and online engagement Claire Alviar said.

Despite the slower pace in the second quarter, Fitch Solutions Country Risk & Industry Research raised its annual gross domestic product growth forecast to 6.6 percent.

The think tank believes the PH can still meet its GDP growth target of 6.5 to 7.5 percent — reflecting expectations that the second half will be moderate relative to the 7.8 percent year-on-year print in the first half.

“Fitch expects weakening global demand, elevated energy prices and tightening monetary conditions to continue to weigh on the PH economy,” said Luis Limlingan, Regina Capital Development Corp managing director.

Meanwhile, oil advanced on Thursday after the International Energy Agency raised its oil demand growth forecast for this year as soaring gas prices drive some consumers to switch to oil.

Leave a Reply

Your email address will not be published. Required fields are marked *