On Friday, the benchmark Philippine Stock Exchange index (PSEi) fell by 70.30 points or 1.07% to end at 6,496.50 points, while the broader all shares index went down 30.76 points or 0.89% to close at 3,400.13. READ:
THE MARKET may see bargain hunting this week due to dampened investor sentiment and expectations of further interest rate hikes.
“We may see bargain hunting [this] week following [last] week’s decline. However, the market is still expected to go through a rough path as monetary outlooks weigh on growth prospects, which in turn may still cloud sentiment,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a mobile phone message.
The US Federal Reserve last week hiked its benchmark overnight interest rate by 50 basis points to the 4.25%-4.5% range and projected it could go up to 5%-5.25% next year.Meanwhile, the BSP raised benchmark interest rates by 50 bps at its meeting on Thursday, bringing its policy rate to 5.5%. Rates on the central bank’s overnight deposit and lending facilities were likewise raised to 5% and 6%, respectively.
“Last-minute shopping for beaten down plays in the last few sessions of 2022 might prove itself rewarding, as intraday volumes tend to get thinner around the holidays and there is more opportunity to quietly snap some bargains,” it said.
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