First Metro Investment Corporation says now is the time to position trades while sentiment is still negative.
MANILA, Philippines – Foreign investors are still in Wall Street, buying up technology stocks due to the hype brought about by artificial intelligence, while bearish sentiments continue in most Asian markets.
As for the Philippine Stock Exchange index , net foreign selling has dropped to $455 million or around P24 billion, while foreign ownership has dropped to 19%, its lowest since 2014’s high of 30%.For instance, Ulang explained that there is a strong correlation between the PSEi’s performance and the currency exchange rate.
She added that fundamentals also point to US corporations entering an earnings recession. Except for AI-related industries and companies that are linked to banks that are “too big to fail,” sectors are bound for some “useful correction,” according to Ulang.
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