Vulnerable PSEi struggling to keep morale up | Inquirer Business

Vulnerable PSEi struggling to keep morale up

/ 04:08 AM September 28, 2020

The Philippine benchmark index could weaken further as investors remained cautious about the economy.

In an advisory to investors, BDO Unibank Inc. chief strategist Jonathan Ravelas sees the Philippine Stock Exchange index (PSEi) trading between the 5,700 and 6,000 levels for the week.

But he warned the decline in recent days pointed to the PSEi’s “vulnerability to sell-offs.”

Article continues after this advertisement

The PSEi dropped 1.19 percent to 5,838.66 as of Friday last week. This was the second straight week of decline, Ravelas noted.

FEATURED STORIES

“Consumer confidence fell to a record low in the third quarter, while the financial condition of businesses worsened and access to credit tightened, according to results of the central bank’s survey,” Ravelas said.

“This further soured investor confidence,” he added.

Article continues after this advertisement

Ravelas said interest rates would also continue on a sideways trajectory in the near-term.

Meanwhile, the Philippine peso is expected to consolidate between P48.30-P48.60 against the greenback. —MIGUEL R. CAMUS INQ

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: Business, PSEi

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.