Market on holiday

Local financial markets are scheduled to reopen tomorrow after taking a pause for the holidays.

Before the long weekend break, the main-share Philippine Stock Exchange index expanded by 2 percent to end at 5,823.94 on Friday.

The stock market has been on an uptrend for the last four sessions, supported by upbeat economic forecasts as well as expectations of an investment grade rating sometime next year.

BPI Securities said market movement would be limited this week due to the holidays.

Meanwhile, global financial markets are keenly watching developments in the United States, whether it can strike a budget deal by yearend to address mandated tax increases and spending cuts that can drag it into another recession in 2013. Doris C. Dumlao