Shares seen to sustain rally on foreign inflows

ABS-CBN News

Posted at Oct 16 2017 11:59 AM

MANILA - Share prices are expected to trade higher this week, aided by foreign fund inflows, and on course to reach as high as 8,600 points by the end of the year, an analyst said Monday.

Financial markets are closed on Monday as transport groups start a 2-day strike. The Philippine Stock Exchange Index closed 0.54 percent higher to 8,447.94 on Friday.

Some $2 billion to $3 billion in funds flowed to emerging markets last week, and that "seems to be something of a signal that we're trying to follow going into this week," said BPI Asset Management chief investment officer Smith Chua.

The main index closed above the 8,400 level for the first time last week.

Positive economic data out of Asia will likely boost investor sentiment, Chua said.

Chua said the peso could settle at P50.75 to the dollar by the end of the year. The local unit closed at P51.39 on Friday.