Stock prospects remain bullish

President Benigno Aquino III. AP FILE PHOTO

Local financial markets were closed on Thursday as the nation paused to celebrate the 30th anniversary of the Edsa “People Power” uprising that toppled the Marcos dictatorship.

On Wednesday, the Philippine Stock Exchange index (PSEi) shed 50.08 points or 0.73 percent to close at 6,769.26 on renewed oil jitters.

“While the Philippines stock market has suffered some volatility since the start of the year, mostly due to external factors, investors still maintain a keen interest in the local bourse. They are optimistic about the country’s long-term prospects, which will be driven by strong infrastructure spending. And we believe this spending is sustainable as the demand for infrastructure has become increasingly crucial and essential for the country’s further development,” Maybank ATR Kim Eng Capital Partners Inc. president Manuel Tordesillas said at the recently concluded Invest Asean Philippines investors conference.