Time: 2024-08-02
The Philippine Stock Exchange started August on a positive note , gaining 74.74 points to close at 6,693.83 . All sectoral indices showed gains , with Banking leading at 2.75 percent . The market was influenced by the Federal Reserve 's hint at a possible interest rate cut , which could impact the local policy . The net market value turnover was recorded at P3.89 billion , with 104 advancers , 74 decliners , and 50 names remaining unchanged . The peso closed at P58.33 against the greenback.
Analysts are optimistic about the Philippine Stock market 's outlook for August , historically known as the weakest month . Despite this reputation , this year 's market is seeing positive sentiment due to anticipated rate cuts and strong second - quarter profit projections . Finance Secretary Ralph G. Recto mentioned the possibility of a rate cut this year , with inflation slowing down to 3.7 % in June . The Bangko Sentral ng Pilipinas has maintained interest rates steady in its last six meetings , hinting at a rate cut soon.
Ghost Month , which typically falls in August , is seen as a buying opportunity for investors by some analysts . The month is known for potential market declines , but historical data shows positive returns from September to December . While August may see profit - taking , it 's crucial to focus on catalysts that will drive the market in the near term . Specific sector performance and upcoming earnings season will be key drivers in price action.
Despite historical data showing weak month - on - month returns in August , experts like Rastine Mackie D. Mercado from China Bank Securities Corp. believe that focusing on earnings expectations and the prospect of a rate cut will drive the market . Mark V. Santarina from Globalinks Securities and Stocks , Inc. is optimistic about accumulating blue - chip stocks in August , anticipating a sideways trading trend . Michael L. Ricafort , Chief Economist at Rizal Commercial Banking Corp. , notes that any slowdown in trading activities could also be influenced by external factors like bad weather and vacation season in other countries.
The recent resignation of Department of Trade and Industry ( DTI ) Secretary Alfredo Pascual is not expected to have a significant impact on the stock market , as stated by analysts . Investors are now looking forward to upcoming economic data releases and the Federal Reserve 's decisions that could influence the market in the coming months.
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