Philippine shares may continue climb after PSEi closes above 6,000

Philippine shares may continue their upward trend this week after the Philippine Stock Exchange index (PSEi) closed above the 6,000 level last Friday, fueled by rate cuts from both the Bangko Sentral ng Pilipinas (BSP) and the US Federal Reserve.

The PSEi gained 1.47% to finish at 6,036.72 on Friday, marking the first time it surpassed the 6,000 mark in two weeks and saw a week-on-week increase.

Market analysts attributed the PSEi's rebound to the 'double rate cut' implemented by the BSP and the US Fed, which provided economic support.

Holiday liquidity may lift sentiment this week, as central bank easing globally and locally underscores a pivot to growth support.

However, some analysts express caution regarding the sustainability of the PSEi's position above 6,000 due to ongoing concerns about the economic growth outlook.

If the PSEi manages to hold its position above 6,000, this level will serve as its new support, while its next resistance is seen at 6,150.