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Arthur Fuentes

ABS-CBN News

MANILA - Philippine stocks surged to their highest level this year, and the highest level since the pandemic, as the main index finally breached the 7,500 resistance level at the end of Monday&#x27;s trading.The PSE index closed 1.16 percent higher at 7,554.68 while the broader All Shares index also closed 1.02 percent up at 4,082.97, while value turnover was P7.87 billion.This followed the release of better-than-expected inflation numbers last Friday, which showed that headline inflation had slowed to 1.9 percent in September, beating the expectations of analysts and even the Bangko Sentral ng Pilipinas.Ed Francisco, president of BDO Capital, said the slower inflation print was a &quot;pleasant surprise&quot; and gives the BSP more room to cut rates, which would be a boon for businesses.Francisco said that the BSP is expected to further ease interest rates which will allow corporations to be more aggressive in their expansion.&quot;For corporates, bumalik na yung dating valuation nila which for the last year or two was really poor,&quot; Francisco said.BSP Governor Eli Remolona earlier said the central bank may cut rates by at least 50 basis points this year. The BSP will have its next policy-setting meeting on Oct. 16.Francisco said some profit-taking can be expected in the market, and &quot;there&#x27;s still a chance for people to make good money by investing in the market.&quot;&quot;There will always be a pullback but not because of anything negative it&#x27;s just that people will take profit,&quot; he said.  <div>ASIAN RALLY AFTER US JOBS REPORT</div>The PSEi joined other Asian markets which also rose on Monday, after a blockbuster US jobs report soothed any concerns about the world&#x27;s top economy.Last Friday, all three main indexes on Wall Street also rallied on data showing a forecast-busting 254,000 US jobs were created last month and the unemployment rate fell.The stronger dollar against the yen boosted Japanese stocks, with the Nikkei 225 climbing almost two percent, while Hong Kong extended its recent rally fuelled by China&#x27;s raft of economic stimulus measures. Stock markets in Sydney, Singapore, Seoul, Taipei, Jakarta, and Bangkok also posted gains.Francisco however said there are still factors that may affect the market like the situation in the Middle East.&quot;If that expands into a full war and other countries get involved then sayang naman all this potential growth that we&#x27;re having,&quot; Francisco added.  Investors are awaiting the next developments in the crisis on the first anniversary of Hamas&#x27;s deadly attack on Israel that led the country to fighting wars against the Iran-aligned militant group in Gaza and Hezbollah in Lebanon.Oil prices rose as traders await Israel&#x27;s response to Iran&#x27;s missile barrage last week amid fears of a region-wide war in the Middle East.-With a report from Agence France-Presse

Philippine stocks surged to their highest level this year, and the highest level since the pandemic, as the main index finally breached the 7,500 resistance level at the end of Monday's trading.

Philippine stocks surged to their highest level this year, and the highest level since the pandemic, as the main index finally breached the 7,500 resistance level at the end of Monday's trading.

Philippine stock market surges past 7,500 level, highest since pandemic lockdowns

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Philippine stock market surges past 7,500 level, highest since pandemic lockdowns

Arthur Fuentes,

ABS-CBN News

Published Oct 07, 2024 08:13 PM PHT

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