Philippine stocks extended their climb as the country’s central bank signaled an imminent end to its monetary tightening cycle and expectations rise for strong corporate earnings to sustain this year.
(Bloomberg) — Philippine stocks extended their climb as the country’s central bank signaled an imminent end to its monetary tightening cycle and expectations rise for strong corporate earnings to sustain this year.
The Philippine Stock Exchange Index rose as much as 0.8% on Friday, led by Globe Telecom Inc. and Aboitiz Power. That took gains from a Sept. 30 low to over 20%, putting the gauge on track for a bull market. Foreign flows for the Southeast Asian nation were also off to a positive start this year.
Bangko Sentral ng Pilipinas, among the most aggressive in the region, has raised the key rate by a total 3.5 percentage points since May to temper inflation pressures. But with prices seen to have peaked, the central bank will have scope to go easy on rate hikes to preserve domestic recovery.
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