The main index was down for three consecutive days since Tuesday, but a late surge on Friday buoyed the market.Foreign investors, who cornered 43 percent of the trades, were net buyers at P2.1 billion.
“So far, we’re seeing the bullish case for the local market building up on the back of the following positive factors: the Philippines’s strong third quarter economic growth, robust third quarter corporate results, the peso’s strengthening and the slowdown in US inflation. The local bourse may extend its climb on the back of the aforementioned factors,” Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said.
Broker 2TradeAsia said the earnings report of listed firms will continue to support the upbeat outlook for the market in the medium term, at least for certain sectors such as banks, gaming and airlines.