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Philippines stocks are expected to move sideways this week, as investors turned more cautious after the disappointing second-quarter gross domestic product data.
Philstocks Financial Inc. senior analyst Japhet Tantiangco said the market’s three straight weeks of decline could lure bargain hunters back to the market.
Tantiangco said, however, a market rally could be challenging because of the tempered confidence towards the economy following the recent GDP data release.
“With our second-quarter real GDP coming in below expectations, cracks in the confidence towards the economy could already be present which in turn would make building of market momentum harder,” he said.
