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[av_heading heading=’Stock market slightly recovers after last week’s poor performance ‘ tag=’h3′ style=’blockquote modern-quote’ size=” subheading_active=’subheading_below’ subheading_size=’15’ padding=’10’ color=” custom_font=”]
By: Jed Jaleco Del Rosario
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ILOILO City – Hernan Segovia of Summit Securities reported that the Philippine stock market had a bad start last week. Persistent foreign selling due to selling pressures plunged the stock market to the mid-6700 level.
Despite this weak performance, the market still managed to recover by around 200 points on Wednesday, which saw several oversold blue chip companies recover from last week’s selling pressures. The recovery was led by a combination of local and foreign buying, which led to a rebound for the entire stock market.
The dip in prices last week allowed investors to take advantage of bargain prices for several bluechip stocks, such as Metrobank, Ayala, PLDT, Globe and a few others.
Aside from the selling pressure, Segovia also added that the Philippine Peso’s weaknening may influence the performance of the stock market for the rest of the year, along with various other factors, such as the upcoming Federal Reserve hike in the United States of America.
Despite the uncertainty, Segovia hopes that the market will be able to end able to recover to 7,000 points before the end of the year./PN
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