The local stock barometer Philippine Stock Exchange Index (PSEi) opened the first trading day of the week slightly down 0.17 points to 6,699.49 on the backdrop of the Monetary Policy’s meeting this week.
But the markets quickly recovered, with the PSEi clocking in at 6,713.21, up 13.55 points or 0.20 percent at 10:30 AM.
The local market showed positive momentum last week. However, Japhet Tantiangco, research manager at Philstocks Financials, Inc., said the bourse might move sideways this week once strong profit-taking pressures start kicking in.
“Some investors may already book gains from the market’s five-day rally last week. At the same time, investors may take a cautious stance while waiting for the Bangko Sentral ng Pilipinas’ policy decision next week,” Tantiangco said.
The BSP Monetary Board set its meeting for Thursday. Earlier, BSP governor Felipe Medalla signified that the Monetary Board might go for a 50 basis points rate hike.