MANILA, Philippines – Metrobank's investment arm and economists of the University of Asia and the Pacific expect the local bourse to continue increasing in value in the 2nd half of 2019, as inflation continues to slow down and government spending improves.
First Metro Investment Corporation (FMIC) sees an upward trend for the Philippine Stock Exchange index (PSEi) in the latter half of the year once it breaches the resistance level of 8,200.
The report also noted that foreign investors returned to the local market in early July. While they were away, local investors filled in the slack. These two movements enabled the PSEi to approach 8,400.
The projected gross domestic product (GDP) growth is at 6% to 7% for 2019, despite GDP falling to a 4-year low of 5.6% in the 1st quarter of the year. – Rappler.com