Shares nearing breakout zone as PH readies another rate hike | Inquirer Business
MARKET OUTLOOK

Shares nearing breakout zone as PH readies another rate hike

/ 02:07 AM November 14, 2022

Investors would be looking toward the final batch of third quarter earnings and the Nov. 17 rate-setting meeting of the Bangko Sentral ng Pilipinas (BSP) as the benchmark Philippine Stock Exchange Index (PSEi) moves closer to a key resistance level.

The PSEi gained 1.64 percent last week to end at 6,286.77. Local stocks staged a rebound particularly on Friday after the US reported better inflation numbers.

ADVERTISEMENT

Michael Ricafort, chief economist at the Rizal Commercial Banking Corp., said the next major resistance zone was from 6,300 to 6,400.

For analysts following technical indicators, a convincing breakout past a resistance area could see further continuation on the upside.

FEATURED STORIES

Support, meanwhile, was pegged from 6,271 to 6,249 for the PSEi, Ricarfort said.

BSP Governor Felipe Medalla said on Friday he would vote to raise the benchmark rate by 75 basis points, matching the recent hike by the US Federal Reserve. The key rate currently stands at 4.25 percent.

—Miguel R. Camus INQ

The business headlines in under one minute

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

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, MARKET OUTLOOK, PSEi
For feedback, complaints, or inquiries, contact us.

Curated business news

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



© Copyright 1997-2023 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.