Consolidation seen after last week's rally

by The Manila Times

Jul 17, 2023 12:43 am

ANALYSTS expect the stock market to consolidate following last week's surge, with investors also likely to position themselves ahead of next week's Federal Reserve meeting and President Ferdinand Marcos Jr.'s State of the Nation Address.

The benchmark Philippine Stock Exchange index (PSEi) gained 3.85 percent week-on-week to 6,624.79, a near two-month high, with sentiment said to have been boosted by hopes that the US Federal Reserve could finally end its tightening cycle.

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