MikeLigalig.com

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.

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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.


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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.

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