ILOILO City – Last week, the Philippine stock market remained above the 8,000 level but failed to break through the 82,00 level that would have allowed it to sustain its rise.
Technical Analyst and stock broker Hernan Segovia explained that although the market growth remained stagnant this week, the momentum remains, and he and other traders are confident in further good news in the next few weeks.
“So we can see that the market is very much alive, and has strength to continue its momentum towards 8,200 level next week,” Segovia said, but added that the most interesting event in the market this week was not in the stock market but in the peso itself.
So far, the Philippine Peso to US Dollar rate remains at P52.1 to $1, but Segovia believes that the peso might rise to $51.50 to the dollar this month, which in turn may lead to further strengthening in the months to come.
“It’s premature to say but I’m quite bullish that we’re going to see 50 to a dollar, give or take 3 to 4 months,” Segovia said, “and it will be good for the market in the sense that it will abate further inflation pressure.”/PN
