The PSEi fell 0.88% or 51.10 points to close at 5,728.63 on Friday, while the all shares index lost 0.86% to 3,193.29, and the PSEi shed 54.07 points for the week from 5,782.70 on Oct. 16. Analysts say pressure may persist after the BSP raised its policy rate by a larger-than-expected 50 basis points, the first hike of that size since February 2023 and its fourth straight tightening this year, bringing cumulative increases since April to 125 basis points and signaling possible further tightening. The peso hit new lows against the US dollar, closing at P63.615 after five straight sessions of record lows, which could fuel inflation. Japhet Louis O. Tantiangco of Philstocks expects the PSEi to trade between 5,600 and 5,800, while oil prices are rising again on reports the US and Israel may attack Iran after midterm elections. Denise Joaquin of COL Financial said investors will remain selective while awaiting third-quarter earnings and the Fed's October decision, where consensus expects a pause.
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