Market faces uncertainties from another US rate hike
Iris Gonzales (The Philippine Star) - February 20, 2017 - 12:00am

MANILA, Philippines -  Renewed fears of a possible interest rate increase in the US may continue to bring uncertainties to the stock market this week, analysts said.

The benchmark Philippine Stock Exchange index (PSEi) closed almost unchanged at 7,244.79 last week.

“Chart wise, the week’s close at 7,244.79 continues to suggest the market to remain range bound between the 7,000 and 7,400 levels in the near term,” BDO Unibank chief market strategist Jonathan Ravelas said.

Ravelas said the bulls are staying on the sidelines at such a level and are seen going back only above the 7,500 mark.

“Last week, the stock market benchmark index remained range bound, finishing the week almost unchanged at 7,244.79. Renewed rate hike fears in the US following Fed chair Janet Yellen’s statement in Congress caused local players to lighten up their position,” Ravelas said.

This is on the back of a recent spike in US inflation at 2.5 percent, versus the target of the Fed at two percent.

Last week, sessions moved within a tight range or from 7,174 to 7,294 before closing 10 notches up at 7,244, higher by 13 percent week-on-week, with most sectors posting gains.

Total value turnover reached P6.7 billion, up six percent, as losers edged-out gainers, 99 to 96.

Foreign fund managers have resumed their exit, with net selling recorded at P152 million.

PSEI
Philstar
Facebook
  • Latest
  • Trending
Latest
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

SIGN IN
or sign in with
Read and share the latest news
whenever and wherever you are.
Top Stories
Features the most relevant stories,
exclusive content, analyses and special reports.
As It Happens
Get bite-sized highlights and up-to-date
information as the news breaks.
Latest
View the most recent
stories of the day.
Log-in
Lorem ipsum dolor sit amet,
consectetur adipiscing elit.
Quisque justo est, auctor vel ullamcorper.
Log-in
Lorem ipsum dolor sit amet,
consectetur adipiscing elit.
Quisque justo est, auctor vel ullamcorper.
How to follow As It Happens stories
STEP 1
Click the story in the As it Happens section.
How to follow As It Happens stories
STEP 2
Click "Follow Story" for updates on the news.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.
How to follow Author
STEP 1
Click on the author's name in the article.
How to follow Author
STEP 2
Once you click on the author's name, you will be
brought to the Authors page. Click "Follow Author"
to stay updated on the author's works
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.
How to follow Tags
STEP 1
Click on a tag in the article.
How to follow Tags
STEP 2
When you click on a tag, it will take you to the
dedicated tag page where you'll see the article
viewed, along with other stories with that tag.

Click the "follow tag" button to stay updated on
the topic.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.