By Leslie D. Venzon
MANILA, Oct. 6 (PNA) — The Philippine stock market is expected to show bullish performance until the end of the year and will continue this feat into 2015 on the back of the country’s strong macroeconomic fundamentals and robust corporate earnings.
“We are still quite bullish for the rest of the year; probably, we will see between 7,300 and 7,400 level… We probably see a good ending for the year for the stock market,” said Rafael Algarra Jr., executive vice-president and financial markets segment at Security Bank Corp., in an interview.
Algarra said the country’s macroeconomic fundamentals and corporate earnings remain strong despite concerns abroad.
He added that some of these concerns are related to Russia and Ukraine conflict and worries about higher interest rates in the United States.
“And then I think, the market will continue to be very bullish at least for the emerging markets, including the Philippines, for 2015 so we will probably see some funds,” he noted.
Algarra believes that emerging markets still resonate well with investors.
“So we will probably see the rest of the year people still putting money into the emerging markets,” he said.
The benchmark Philippine Stock Exchange index (PSEi) gained 50.77 points to 7,247.03 on Friday after a two-day slump.
In January to September, the index posted gains in eight out of the nine months. (PNA)