Bargain-hunting seen lifting stocks
Local stocks may firm up this week as domestic money may fuel more bargain-hunting and as the so-called “Ghost month” ends, stock experts said.
Last week, the main-share Philippine Stock Exchange index slipped 1.4 percent to close at 6,075.17. There was a bloodbath earlier in the week but losses were pared down after Thursday’s release of the better-than-expected 7.5-percent second-quarter Philippine economic growth rate.
“We expect the local equities market to trade sideways with an upward bias as investors start to hunt for bargains following the steep 14-percent decline the past few days,” BPI Asset Management said. “The market will continue to be volatile and will be looking to the Federal Open Market Committee meeting on Sept. 17, 2013.” Doris C. Dumlao