Stocks seen to pull back after robust Q2 results - BusinessWorld Online

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The Philippine Stock Exchange index (PSEi) posted gains on Friday, inching up by 39.23 points or 0.57% to close at 6,863.86, while the broader all shares index went up by 15.80 points or 0.43% to 3,635.57. READ:

PHILIPPINE SHARES may moveinvestors wait for more economic catalysts that would point to sustainability.

China Bank Securities Corp. Research Director Rastine Mackie D. Mercado said in an e-mail the market maintained its strength during Friday’s session “as buying appetite continued to be robust” despite the central bank’s rate hike and continuing hawkish stance.Meanwhile, interest rates on overnight deposit facilities were raised to 3.25% and lending facilities to 4.25%.

For this week, Mr. Mercado said that he expects the market to move sideways as investors are expected to pocket profits from last week’s rally. Mr. Tantiangco said: “Next week, investors are expected to watch out for catalysts that would point to the sustainability of the strong results we’ve seen in the [He added that: “macroeconomic concerns are expected to challenge the extension of the local market’s rally.”

 

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