“Investors think that despite the risks and headwinds, some of their risks may have burst in already which resulted in some bargain-hunting on some heavily discounted levels,” Fio Dejesus, an analyst at RCBC Securities, told Reuters.
Analyst including Paul Michael Angelo at Regina Capital Development Corp. and Rachelle Cruz at AP Securities Inc. contend that the U.S-China trade war may have little effect on the Philippine economy, pointing to local inflation as a bigger concern.
The Philippine Stock Exchange Index closed at 7,333.73, with 24 of its 30 members up, ending above the 7,300 level for the first time in a week. Confidence is slowly strengthening after the benchmark index sank into bear territory last month, plummeting as much as 23% amid inflationary pressures, U.S.-China trade concerns and a depreciating local currency.
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