Philippine stocks may rise; strong corp results, US vote

Philippine stocks may rise this week due to corporate results and market bets ahead of the US presidential vote, with late-day buying on Wednesday saving the local index from shedding.

On Wednesday, the benchmark Philippine Stock Exchange Index (PSEi) increased by 0.56% to 7,280.24, while the broader All Shares index improved by 0.48% to 3,996.58 points.

Despite Tropical Storm Kristine and currency concerns earlier in the week, leading indices such as Financials (1.09%) and Industrial (0.79%) closed with gains, reflecting optimism from robust corporate results.

Philstocks Financial's Japhet Louis O. Tantiangco expects upbeat third-quarter or first nine-months corporate results to support market growth this week despite lingering downside risks like the peso’s weakness and US election uncertainties.

The Bangko Sentral ng Pilipinas (BSP) has reduced the reserve requirement ratio for various banks, injecting additional cash flow into trading activities.