Bargain hunting may boost stock market

BARGAIN hunting could help boost the stock market this week, analysts said, but the trimmed rate cut projections by the US Federal Reserve and the Bangko Sentral ng Pilipinas could potentially dampen investor sentiment.The benchmark Philippine Stock Exchange last week hit an over five-month low on Dec. 19, closing at 6,395.60, but rebounded a day after, ending the week at 6,406.38, down by 3.2 percent week-on-week.This was the lowest close of the stock index since it closed at 6,358.

The peso hit a record low of P59 against the dollar last Dec. 19.For its part, online brokerage firm 2TradeAsia.com said that hawkish comments from the US and Philippine central banks spooked local equities and led to the stock index falling below 6,500.'The Fed and the BSP played out their predicted moves this December round of policy meetings: both 25-bps sized cuts to cap the year,' it said.

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