Local indices

The local equity market rose amid investor optimism surrounding upbeat corporate earnings results in the Philippines and in the US. Higher vehicle sales in January and Moody’s upward revision of the country’s growth forecast to 5.8% also supported sentiment.


Top performers were Ayala Land Inc (PSE Ticker: ALI; 8.61%), GT Capital Holdings Inc (GTCAP; 5.04%), and Aboitiz Equity Ventures Inc. (AEV; 4.78%). Meanwhile, Emperador, Inc. (PSE Ticker: EMI; -4.43%), Monde Nissin Corp. (MONDE; -5.36%), and Alliance Global Group, Inc. (AGI; -5.77%) were the laggards of the week.

▲ The PSEi closed at 6,913.21 (+0.58% WoW).


Local fixed income yields rose as investors digested the faster-than-expected US producer price index (PPI) print in January and the cautious tone of US Fed officials in its latest meeting. 

▲ On average, yields rose by 3 bps, with the 2Y closing at 6.13% (+7 bps) and the 10Y closing at 6.26% (+1 bps).


The Philippine peso strengthened after the BSP said it is ready to adjust the policy rate as necessary given the upside risks to inflation. The BSP highlighted that inflation may temporarily rise above 4% in April – July given the low supply of rice and corn as well as base effects.

▼ USD/PHP pair closed at 55.90 (-0.11% WoW).

US indices

The US stock markets surged to fresh highs after chip giant NVIDIA posted upbeat 4Q23 earnings and guided for a potentially strong 1Q24 amid robust demand for its chips. 

▲ S&P 500 closed at 5,088.80 (+1.66% WoW). ​

▲ DJIA closed at 39,131.53 (+1.30% WoW)​.


US Treasury yields inched downwards as investors weighed the latest Federal Open Market Committee (FOMC) minutes which showed members cautioning against cutting policy rates too soon. 

▼ On average, US Treasury yields declined by 1 bp WoW, with the 10Y closing at 4.25% (-3 bps).


The US dollar weakened as investors digested the minutes of the FOMC’s latest meeting, which indicated that the policy rate is likely at its peak. The market also braced for the release of the January Personal Consumption Expenditure (PCE) figures. 

▼ The DXY closed at 103.94 (-0.33% WoW).

Downloadable file

Download The Weekly Review as of February 26, 2024.

The Weekly Review as of February 26, 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.