MANILA – Investor confidence in President Rodrigo Duterte’s P8-trillion infrastructure program will likely drive share prices higher in the second half analysts said.
The Philippine Stock Exchange Index could peak at 8,500 points in the remainder of the year, Papa Securities research head Ramon Kabigting said Monday.
“We are still holding back our Sunday punch, which is the item that could mean the difference between a robust economy and truly booming economy and stock market,” Kabigting said.
Net foreign fund inflows recorded at the end of the first half show that overseas investors are back “in a big way,” BPI Securities analyst Riche Lim said.
“That tells you that people are still optimistic about the growth story of the Philippines,” Lim said.
The main index was down 0.3 percent to 7,819.37 in early trading on Monday.