THE Philippine stock market closed at 7,992.32 last week, only a few points short of the major 8,000 point psychological level. Ilonggo stock market broker and technical analyst reports that the market has flirted with the 8,000 point threshold for several weeks now, and it may soon be coming to an end, as traders and investors are now slowly recovering from the effects of the ongoing United States (US)-China trade war.
“It’s been a constant fight for the bulls and bears on that level, but we see low value turnover this Friday, despite that, the market still managed to sneak to that level,” local stock broker Hernan Segovia said.
Additionally, there is also positive news coming from the Philippine currency as it continues to gain strength against the dollar. Segovia also points out that the Philippines has been relatively untouched by currency woes from abroad, which serves to enhance positive sentiment for stock market investors here despite its underperformance relative to the rest of the Southeast Asian region.
“So other than that, the trade war between the US and China; all those currency wars have already abated,” Segovia explained. “So as I’ve spoken last two weeks ago, once the market have fully digested those news, they become redundant, and so once it do so, the market will just shrug it off. So moving forward, we might see the market becoming bullish again next week.”/PN