Stock market to see some bargain-hunting

While stock analysts pointed out that the market is ripe for cherry-picking, investor sentiment continued to be weighed down by worries about rising inflation and interest rates.

Abacus Securities Corporation pointed out that the Producers’ Price Index jumped 6.9 percent in May, indicating that more inflation is in the pipeline. It believes that “inflation may not peak until at least late this year.” “While peso devaluation will impact equity values, better that than risk being behind the curve on policy, which remains a global concern as oil and food inflation continue to batter non-producing economies,” it noted.

It pointed out that, while revenge spending may also benefit consumer stocks, these may also be affected by higher input costs.

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