Despite closing this week's trading in the red, local stocks are expected to recover early next week after investors rebalanced their portfolio ahead of the adjustment in the 30-member Philippine Stock Exchange index on Monday.
"Today's drop, it's an effect of the rebalancing, so we can expect whatever, how abrupt it was - the drop today - we could get a snapback by early next week," PNB Securities, Inc. President Manuel Lisbona told CNN Philippines' The Final Word. "The selling wasn't fundamentally driven, so this actually presents opportunities for investors," he added.
The changes in the index composition forced tracker funds to rebalance their portfolio. They dumped most blue chips and snapped up the two new index entrants.
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