Stock market traders ready to take on risks again
Local stocks may trade with an upside bias this week as the US Federal Reserve’s dovish stance and a string of favorable regulatory developments here are seen to provide relief to investors.
The main-share Philippine Stock Exchange index (PSEi) gained 153.4 points or 2.3 percent last week, closing Friday at 6,786.62, as market jitters eased ahead of US Fed chair Jerome Powell’s speech at the Kansas City Fed’s annual Jackson Hole symposium.
On Friday, Powell said the Fed was not in a hurry to start raising key interest rates, although the tapering of bond buying operations, which have helped inject massive liquidity into the financial markets in recent months, would start within this year. “A combination of dovish stance by the Fed during the recent Jackson Hole symposium and tons of domestic liberalization as opposed to strict government regulation and witch hunt in the…