PHILIPPINE DAILY INQUIRER - May 11, 2009
Stock consolidation seen after strong rally
MANILA, Philippines—Local stocks are widely expected to consolidate this week after posting their best performance so far this year last week.The main-share Philippine Stock Exchange index surged 6.58 percent week-on-week to close at a year-high of 2,241.98 on Friday, boosted by a much-improved sentiment in Wall Street. Financial markets here and abroad cheered reports suggesting the global recession may be easing.
“There will be a consolidation because the market has risen too fast,” said Marvin Fausto, chief investment officer at Banco de Oro Unibank.
Fund managers said any market dip would be an opportunity to accumulate undervalued stocks as investor sentiment here and abroad had turned positive.
“We’ve seen the worst of the panic. The uncertainty is being addressed by giving numbers, as the (US) banks started giving numbers on capital requirements,” Fausto said.
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