PSEi expected to end the year with no fireworks

The benchmark Philippine Stock Exchange Index (PSEi) is expected to trade within a narrow range during the holiday-shortened week in the absence of major news drivers and key economic data.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said in his outlook report the PSEi would end the year between 6,500 and 7,000.

For 2023, the measure could end at around 7,100 to 7,600.

The PSEi, which was weighed down by recession fears and volatile trading by PLDT Inc. in the wake of its P48-billion overspending debacle, rose 0.7 percent the previous week to end at 6,541.03.

Ricafort said strong consumer spending prospects during the Christmas holidays helped lift th…

Keep on reading: PSEi expected to end the year with no fireworks