Investors await signs of PSEi trend reversal

MANILA -Investors will be looking for reversal signs after the benchmark Philippine Stock Exchange index (PSEi) snapped a multiweek downtrend after the Bangko Sentral ng Pilipinas (BSP) delivered an expected 25 basis point interest rate increase.

The PSEi rose 2.05 percent to 6,602.17 the past week amid bargain hunting.

For the week, the PSEi corrected higher after declining for eight straight weeks, said Michael Ricafort, chief economist at Rizal Commercial Banking Corp.

He said investors also welcomed BSP Governor Felipe Medallas view that inflation could ease below 4 percent in the latter part of the year, Ricafort said.