“The disappointing second quarter GDP gave bears more reason to sell this market, as the 4.3 percent print was much slower than expected. It was still below the consensus estimate floor of 5 percent, and significantly off the less than the 6 percent average, coming from the first quarter’s 6.4 percent,” broker 2TradeAsia said.
Top losers, meanwhile, were AbaCore Capital Holdings Inc., Keppel Philippines Holdings Inc. A and B shares, Anchor Land Holdings Inc., Manulife Financial Corp., LFM Properties Corp., United Paragon Mining Corp. and Marcventures Holdings Inc.Share prices may go up this week, but mainly on bargain hunting. Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc.
“It will be interesting now fiscal policy will respond over the next quarters, especially if a stimulus move will coincide with seasonally strong consumption spend and higher remittances during the fourth quarter.”
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