PH shares close higher, notch second weekly gain

ABS-CBN News

Posted at Jul 28 2017 04:33 PM

The Philippine stock market notched its second weekly gain as shares closed higher on Friday.

The Philippine Stock Exchange closed 0.32 percent higher at 8,071.47. The peso meanwhile closed weaker against the dollar at P50.57 from P50.56 on Thursday.

Despite this, Caylum Trading Institute President Edmund Lee thinks the stock market is still facing uncertainty for the rest of the year.

"We think it’s gonna be a choppy ride going into the end of the year," he said.

"We feel that there’s still a lot of investor skepticism today. Evaluations are not cheap, one of the major concerns [are] the infrastructure push and the tax reform package so I think a lot of people are waiting for catalyst especially in the second half of 2017," he added.

Trading Edge chief investment strategist Ron Acoba shares some of Lee's views but is more optimistic on the market's gains, particularly for the banking sector.

"I also expect a mixed bag but more on the positive end more specifically, I'm looking at the banking sector despite its issues in the past couple of weeks to perform well," he said noting that treasury operations of banks have already recovered.

Last week, a Metrobank executive was arrested for allegedly defrauding millions from the bank.