Manila:An executive from an investment firm expressed optimism on Thursday about the potential rise of the Philippine Stock Exchange index (PSEi) to the 6,000 level by the end of 2026, despite anticipated increases in the central bank's key rates and recent market fluctuations.
According to Philippines News Agency, Jesus Mariano Ocampo, president and chief operating officer of Investment and Capital Corporation of the Philippines (ICCP), anticipates up to a 50 basis points increase in the Bangko Sentral ng Pilipinas' (BSP) key rates by December. Ocampo noted that market participants are preparing for a possible 25 basis points hike following the Monetary Board's rate setting meeting.
The PSEi experienced a decline of 1.22 percent, reaching 5,750.50 points as of noon on Thursday. Ocampo mentioned the hope for the index to return to the 6,000 level by the end of the year, despite the negative performance during the morning session.
Ocampo remains optimistic about the earnings of publicly listed firms for the third and fourth quarters. He also expressed hope for the recovery of GCash, highlighting ongoing investor patience. GCash's parent company, Mynt Inc., recently entered the local stock market with a significant initial public offering of PHP60.9 billion. However, as of noon Thursday, GCash shares had decreased by 0.30 percent to PHP6.57 each.
