Philippine Stock Market Gets Stronger

[pioneer]

By Zinnia B. Dela Peña (The Philippine Star)

The local stock market will likely be in a consolidation phase this week after disappointing US jobs data heightened concern about a slowing US economy.

The Philippine Stock exchange index (PSEi) welcomed July strongly and gained 2.22 percent week on week to close at 5,362.68 as investors loaded up on several blue-chip issues. The main index hit a new intraday high of 5,403.16 after the S&P raised the Philippines’ credit rating to within one rung of investment grade.

“The PSEi’s rally seemed to have already lost some steam. Correction is possible next week after reaching high valuations and overbought levels for the market. The local outlook, although still rosy, will remain influenced by external weakness of major economies,” said Maria Arlysa E. Narciso.

US employers hired at a dismal pace, creating only 80,000 jobs in June, fewer than needed to bring down the 8.2 percent unemployment rate.

[georgewest41]

The Philippine Stock exchange index (PSEi) made a huge profit of about 2.22 percent week on week to close at 5,362.68 as investors happily ended the week with several blue-chip issues.

[johnchanel]

After the PSEI reached the top there were some correction last week. Though the local scenario is still very beautiful, yet there are some problems.

[bobdyer]

The stock exchange of Philippines was in for a prosperous swing during the month of July. The index testified to the gain and the investors had a whale of time.

[brucedyer3]

The current PSE rally gives the impression to have by this time vanished a number of steams. Correction is conceivable next week after attainment of high estimates now.

[bruceparker]

Strongly welcomed by the Philippine Stock Exchange index (PSEi) rose 2.22% in July, every week, to close at 5,362.68 points as investors loaded on several blue-chip issues.