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[av_heading heading=’Market recovers, projected to end year on positive note’ tag=’h3′ style=’blockquote modern-quote’ size=” subheading_active=’subheading_below’ subheading_size=’15’ padding=’10’ color=” custom_font=”]
By Jed Jaleco Del Rosario
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ILOILO City – The Philippine stock market has had a good week, said Hernan Segovia of Summit Securities.
The market recovered from its earlier losses and managed to quickly exceed the 7,000-points threshold. This recovery is in line with the performance of other regional markets, which are also recovering from the losses of recent weeks.
Among the biggest gainers in this recovery are a few blue chip stocks. The biggest winner is the San Miguel Corp. which, according to Segovia “rose from the low 80s to the mid 90s.” Other major gainers included PLDT, Globe and Metrobank.
Segovia partly attributed the recovery to the recent rally in the US stock market as well as heavy buying from foreign investors. Furthermore, depending on the outcome of the US Fed rate hike this week, this recovery may turn into stronger momentum for the rest of the month, and could help keep the Philippine stock market strong for the first parts of 2017.
Segovia is particularly optimisitic. If all goes well, he predicts that “we’re going to end the year at around 7,200 to 7,400.”/PN
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