“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.
Related: Financial and Banking Sector Outlook in the Philippines
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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