Local indices

Local equities slumped amid cautious sentiment over the uncertainty on the direction of policy rates. This was after the US Fed slashed its policy rate cut projection for the year. Moreover, Finance Secretary Recto said that the Bangko Sentral ng Pilipinas (BSP) may only ease monetary policy after the Fed’s first cut. 


Top performers were Manila Electric Company (PSE Ticker: MER; +3.58%), Alliance Global Group, Inc. (AGI; +0.11%), and LT Group, Inc. (LTG; +0.00%). Meanwhile, Jollibee Foods Corporation (PSE Ticker: JFC; -4.78%), JG Summit Holdings, Inc. (JGS; -6.50%), and Wilcon Depot, Inc. (WLCON; -9.84%) were the laggards of the week.

▼ The PSEi closed at 6,383.70 (-2.07% WoW).


Local fixed income yields were mixed but fell on average as investors weighed mixed signals from BSP Governor Remolona and Finance Secretary Recto on rate cuts. 

▼ On average, yields fell by 1 bp, with the 2Y closing at 6.29% (+1 bp) and the 10Y closing at 6.70% (+1 bp).


The Philippine peso weakened amid tempered rate cut bets after the US Federal Reserve signaled only one rate cut this year from previously three.​

▲ The USD/PHP pair closed at 58.65 (+0.22% WoW).

US indices

US equities closed mixed as investors cheered the cooler-than-expected May inflation reports, including the Consumer Price Index (CPI) inflation of 3.3% YoY and Producer Price Index (PPI) of 2.2% YoY. However, sentiment was weighed down by the US Fed’s latest guidance of only one 25-bp cut this year, down from previously three.

▲ S&P 500 closed at 5,431.60 (+1.58% WoW).

▼ DJIA closed at 38,589.16 (-0.54% WoW). 


US Treasury yields fell after the slower-than-expected US inflation readings for May boosted hopes of a rate cut from the US Federal Reserve. ​

▼ On average, yields fell by 15 bps, with the 2Y closing at 4.71% (-18 bps) and the 10Y closing at 4.22% (-21 bps).


The US dollar strengthened as investors digested remarks from US Fed Chair Powell who said that rates may remain unchanged until there is a more definitive decline in inflation or a rise in unemployment. 

▲ The DXY closed at 105.55 (+0.63% WoW).  

Downloadable file

Download The Weekly Review as of June 18, 2024.

The Weekly Review as of June 18, 2024




The Weekly Review Archive
Sources: BusinessWorld, Inquirer, Philippine Star, Manila Bulletin, Businessmirror, PSE Edge, Bloomberg, CNBC, Reuters, CNN, Wall Street Journal, Financial Times, Market Watch


The views expressed herein by BPI Wealth – A Trust Corporation (“BPI Wealth”) are based on sources deemed reliable, but may be subject to change without notice. This material, which is strictly for information purposes only, is for your sole use, does not constitute a recommendation or an offer to sell or a solicitation to buy any financial product. Any information is subject to change without notice and BPI Wealth is not under any obligation to update or keep current the information contained herein. You are advised to make your own independent judgement with respect to the matter contained in the report. No liability whatsoever is accepted for any loss that may arise (whether direct or consequential) from any use of the information contained herein.
Unit Investment Trust Funds (UITFs) are NOT DEPOSIT products and are not an obligation of, or guaranteed, or insured by BPI Wealth or Bank of the Philippine Islands (BPI) or its affiliates or subsidiaries, and are not insured by the Philippine Deposit Insurance Corporation (PDIC). Due to the nature of the investment, yield and potential yields cannot be guaranteed. Any income or loss arising from market fluctuations and price volatility of securities held by a UITF, even if invested in government securities, is for the account of the investor/trustor. As such, units of participation of the investor/trustor in a UITF, when redeemed, may be worth more or be worth less than his/her initial participation/contribution. Historical performance, when presented, is purely for reference purposes and is not a guarantee of future results. BPI Wealth is not liable for losses, other than due to willful default, evident bad faith or gross negligence. Investors are advised to read the Declaration of Trust of the relevant UITF before deciding to invest. For inquiries and comments, visit the BPI Wealth website or call us at (02) 8580 - 2682.  
BPI Wealth is a subsidiary of the Bank of the Philippine Islands (BPI). BPI and BPI Wealth will never ask to verify or divulge your personal information such as your user ID, password and OTP (One-Time PIN) via phone, call, text messages (SMS) or link provided in emails. If you receive a call or email asking you to provide any confidential information, do not engage. Immediately change your online banking password and report the incident to 889-10000.  
BPI Wealth – A Trust Corporation is regulated by the Bangko Sentral ng Pilipinas. Visit the BSP website for more details.

Our investment solutions

Find the right products and services for you.

Need more help?

Get all the help for your banking needs.