The Philippine Stock Market Is Just 154 Points From a Bull Run
- PSEi benchmark has recovered about 18 percent since November
- ‘Double-digit’ corporate earnings growth to drive gains
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The Philippine stock market flirted with a bull market run Wednesday, before ending the day lower. Still, the benchmark has recovered a remarkable 18 percent in just three months -- and investors say positive earnings results will further spur gains.
The Philippine Stock Exchange Index climbed as much as 1.8 percent in Manila, before it fizzled, dipping below the 8,212.59 level and closing the day 0.1 percent lower at 8,058.45. The surge since a two-year low in November has been on optimism that slowing inflation will boost earnings and support valuations. That’s encouraged foreign investors to return, as they poured more than $413 million into the nation’s equity funds this year.